08 Aug '12, 5pm

New York Times to sell for $270 Million: New York Times is about to sell About.co...

New York Times is about to sell About.com for $270 million to Answers.com ,according to an executive who is familiar with the negotiations between the two parts. Even though the company's spokesman didn't want to confirma the rumor and said only that : "It is the policy of the company not to comment on rumors of potential acquisitions and divestitures," ,it seems that the online resource guide,About.com,will soon change hands . Rumors say that Answer.com has already signed a letter of intent to New York Times and offers them $270 million to close the transaction. The New York Times acquired About.com seven years ago,in 2005 for about $400 million.According to the latest reports released by the company,revenues for the About Group declined 8.7% . This sale was first reported on the AllThingD.com website .

Full article: http://www.domainnews.com/en/new-york-times-to-sell-about...

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Report: New York Times Selling To For $270 Million

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