NYTimes to sell About.com to Answers.com for $270M

Associated Press

LOS ANGELES (AP) — The New York Times Co. is selling its troubled website About.com for $270 million.

The site, which provides basic information on a wide variety of topics, is being sold to St. Louis, Mo.-based Answers.com, according to a person familiar with the matter.

Because the deal is still awaiting financing, the person was not authorized 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 $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 $410 million but the site has suffered in the last year because of a change in the way Google handles search results.

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