The New York Times Company Completes the Sale of Its About Group to IAC
The New York Times Company (NYSE: NYT) announced today the closing of the sale of its About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC (NASDAQ: IACI) for $300 million in cash, plus adjustments for working capital. The Company estimates the net after-tax proceeds from the sale will be approximately $290 million and plans to use the sale proceeds for general corporate purposes.