IAC Acquires About For $300M

[Techtaffy Newsdesk]

The New York Times Company has entered into an agreement to sell About Group, which includes the Web sites, and, to IAC  for $300 million.   The deal was signed on Sunday, August 26, 2012. Upon closing, the About Group will join IAC’s Search and Applications reporting segment, joining,, Mindspark, nRelate, and Pronto. Darline Jean, About’s CEO, will report to Doug Leeds, CEO.

 Greg Blatt (CEO, IAC): We expect that will generate more profit as a part of and IAC than it has been able to over the last few years.”

The all cash transaction is expected to close in the next several weeks. The company intends to use the proceeds for general corporate purposes.

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