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New York Times Co. buys About.com for $410 million
By Stacy Cowley

The New York Times Co. said Thursday it will pay US$410 million in cash to purchase online content network About.com Inc. from current owner Primedia Inc. The companies expect to close the deal by early April.

About.com is a rare survivor from the dot-com boom. The New York venture launched in 1997 as The Mining Company, then sold in 2000 to Primedia in an all-stock deal initially valued at $690 million. Primedia envisioned the site as a linchpin for its strategy of online-and-offline content synergy, but the publishing company struggled with strategy execution, debt and management changes.

The New York Times Co. called About.com "highly profitable" and said the Web site network will complement the company's existing digital assets, such as the Web site for its New York Times newspaper and its boston.com portal built around The Boston Globe newspaper. The company said it will run About.com as a distinct business unit and maintain the About.com brand name.

Posted February 22, 2005 05:12 PM |