NEW YORK--(BUSINESS WIRE)--Aug. 26, 2012--
The New York Times Company (NYSE: NYT) has entered into an agreement to
sell 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. The all cash transaction is expected to close in the
next several weeks. The Company intends to use the proceeds for general
corporate purposes.
“About.com 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.”
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those predicted by such forward-looking
statements. These risks and uncertainties include risks detailed from
time to time in The New York Times Company’s publicly filed documents,
including the Company’s Annual Report on Form 10-K for the year ended
December 25, 2011. The New York Times Company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
About The New York Times Company
The New York Times Company (NYSE: NYT), a leading global, multimedia
news and information company with 2011 revenues of $2.3 billion,
includes The New York Times, the International Herald Tribune, The
Boston Globe, NYTimes.com,
BostonGlobe.com,
Boston.com,
About.com
and related properties. The Company’s core purpose is to enhance society
by creating, collecting and distributing high-quality news and
information.
This press release can be downloaded from www.nytco.com
Source: The New York Times Company
The New York Times Company
Media:
Robert H. Christie,
212-556-1981
robert.christie@nytimes.com
or
Abbe
Serphos, 212-556-4425
serphos@nytimes.com
or
Investors:
Paula
Schwartz, 212-556-5224
paula.schwartz@nytimes.com
