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IAC Buys From New York Times

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IAC (InterActiveCorp) purchased from the New York Times for $300 Million. Rumors were surfacing that was going to be sold, but many speculated that it would be bought by Instead Barry Diller's IAC swooped in and took the sale late in the game. It will likely make a good combination to, which is also owned by InterActiveCorp. [URL=""]Search Engine Round Table[/URL] reporting:

The news has been [URL=""]confirmed[/URL] by IAC and it includes the purchase of, and
The $300 million is all cash and should close within "next several weeks."

New York Times released a statement regarding the sale, " has been a strong contributor to our company since its acquisition in 2005," said Arthur Sulzberger, Jr., chairman, The New York Times Company. "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."

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