New York Times to sell About.com to Answers.com for $270M
updated 11:10 am EDT, Wed August 8, 2012
Deal near closing
The New York Times is reportedly attempting to part ways with its About.com division. The website, which offers organized information on a broad range of topics, is said to have failed to rekindle interest among readers, despite a restructuring effort and attempts to engage China.
The Times purchased About.com in 2005 for $410 million, however the newspaper publisher was recently forced to take a $195 million write-off as the website value continues to slide.
The website, founded in the mid '90s during the dot-com bubble, relies on paid writers to produce content related to a myriad of subjects, ranging from history to health information and cooking. Revenues are now said to be mostly attributed to traffic arriving via Google.
Answers.com is claimed to be the likely suitor, agreeing to pay $270 million for the web property, though the deal is said to be a awaiting finalization, unnamed sources have told AllThingsD.
