IAC's Barry Diller
(Credit: CBS)
The New York Times is expected to announce soon that it has reached a deal to sell the About Group, which includes Web site About.com, to Barry Diller's InterActiveCorp, a source with knowledge of the deal told CNET.
IAC is expected to pay $300 million in cash for the struggling information site, according to a report in The New York Times. New York Times Co. spokesperson Robert Christie declined to comment on the report. CNET has also contacted IAC for comment and will update this report when we learn more.
A guide that offers tips, advice, and information on nearly 1,000 topics, About.com's content is designed to appear high up in search results.
The Times bought the About Group in 2005 for a little more than $400 million. However, tweaks to Google's search algorithm in 2011 resulted in pushing About.com's guides further down in search rankings, as well as declining advertising revenue. The group's revenue for the most recent quarter were down 8.7 percent to $25.4 million.
The Times announced on August 8 that it was in discussions about selling its About Group but didn't identify the interested parties. Diller's holding company reportedly ... [Read more]
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