NY Times sells About.com
Thu, 09 Aug 2012 9:05a.m.
By Ryan Nakashima
The New York Times is selling its troubled website About.com for US$270 million.
The site, which provides basic information on a wide variety of topics, is being sold to St Louis-based Answers.com, according to a person familiar with the matter.
Because the deal is still awaiting financing, the person was not authorised to speak publicly and requested anonymity.
The Times confirmed discussions of a sale but said no definitive agreement has been reached.
About.com caused the Times to record a US$195 million write-down in the April-June quarter, pushing the company to a loss despite a revenue gain.
The Times purchased About.com in 2005 for roughly US$410 million but the site has suffered in the last year because of a change in the way Google handles search results.
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
There's nothing more frustrating than being laden down with technology that's run out of battery.
The Prime Minister has dodged questions all week about whether New Zealanders are being snooped on by American digital spying programme PRISM.
The flimsy helium-filled inflatables beam the internet down to Earth as they sail past on the wind.
An influential committee of British lawmakers accused search company Google of dodging its taxes on Thursday in a scathing report.
Mega personality Kim Dotcom has released previously unseen footage from the raids on his Coatesville mansion.
Copyright © 2013 MediaWorks TV. All Rights Reserved.