IAC buys About Group including About.com for $300 million from The New York Times CompanyBy Angel Cuala on Aug 27, 2012 in Business, Internet •
InterActiveCorp (IAC) announced on Sunday, August 26, 2012 its agreement with the New York Times Company to buy About Group, including About.com for $300 million in cash from the company, with the deal signed that day and being expected to close in the next several weeks.
IAC and About logos
Image Credit: IAC.com/About.com
According to a press release by IAC on its official press site that day, Ask.com has agreed to acquire 100% of The About Group from the New York Times Company, including the web sites ConsumerSearch.com, CalorieCount.com, and About.com, which has around 100 million unique users a month worldwide.
“The About.com acquisition is completely in line with IAC‘s M&A strategy of acquiring, at disciplined valuations, companies that are complementary and synergistic with both our existing businesses and our areas of expertise,” IAC CEO Greg Blatt was quoted at IAC.com.
“We are extremely excited to bring these two businesses together; About.com‘s content will differentiate and greatly increase the authority of Ask.com‘s offerings, while Ask‘s expertise in search technology and user experience will improve the discoverability of existing content on About.com.” Blatt added.
“About.com has been a strong contributor to our company since its acquisition in 2005.” New York Times Company chairman Arthur Sulzberger, Jr. was quoted at NYTCo.com this Sunday, with the company noting that it intends to use the proceeds for general corporate purposes.
“About‘s early expertise in search engine optimization, expert content, and revenues from cost-per-click and display advertising made it a valuable component of our portfolio for the past seven years. This sale will allow the Times Company to focus on the development and growth of our core brands locally, nationally and on a global scale.” Sulzberger added.
As noted by IAC, the About Group will join IAC‘s Search and Applications reporting segment when the deal is closed; joining Ask.com, Dictionary.com, Mindspark, nRelate, and Pronto. About CEO Darline Jean will then be reporting to Ask.com CEO Doug Leeds.
Spread The News!