New York Times Company Acquires About.com
Posted on March 18, 2005The New York Times Company and Primedia Inc. has announced the closing of the sale of About, Inc. to The New York Times Company. Last month, The New York Times Company announced it would acquire About.com from Primedia Inc. in an all-cash transaction valued at approximately $410 million. About.com reaches an audience of 22 million unique visitors each month. Its network of nearly 500 experts, known as guides, create websites on topics including personal finance, consumer electronics, history and geography. Primedia purchased About.com in 2000.
The New York Times Company's websites -- which include NYTimes.com, Boston.com and more than 40 other sites -- are visited by more than 13 million users each month. The acquisition is expected to extend the Times Company's reach among Internet users. Based on Nielsen/Net Ratings, About.com's 22 million monthly users combined with the Times Company's 13 million users will form the 12th largest entity on the Internet.
Under Times Company ownership, About will operate as its own distinct business division. The Times Company expects to enhance and expand the About.com content offering and improve the visibility of the About.com brand name. The Times Company also expects to market its products to the About.com user base.
"We are very excited about this acquisition, which furthers our strategy of delivering news and information to local and national audiences with multiple media products," said Janet Robinson, president and CEO, The New York Times Company. "Primedia and About's management team, led by Peter Horan, have successfully transformed About into a popular and profitable business. The global reach of About.com and opportunities for cross-promotion between its channels and our digital properties will be additive for both businesses. With the Times Company behind it, About.com is poised to grow even further, benefiting The New York Times Company and its shareholders."