By Kevin McCauley
The New York Times Co. has inked a deal to unload its struggling About.com questions and answers site for $270M, according to All Things D, which is owned by Dow Jones & Co.
Financing for the transaction is reportedly being lined up by private equity firms TA Associates and Summit Partners.
The NYTC bought About.com for $410M. It took a second-quarter $194.7M write-off of goodwill for About.com. That charge resulted in a $186.8 operating loss for About.com, compared to an $11.5M year ago profit.
The unit’s Q2 revenues declined 8.7 percent to $25.4M due to falls in display and per-click advertising sales.
The NYTC says its policy is to decline comment on potential acquisitions and divestitures. |