The New York Times Company Completes the Sale of Its About Group to IAC
The New York Times Company Completes the Sale of Its About Group to IAC
NEW YORK--(BUSINESS WIRE)-- The New York Times Company (NYS: NYT) announced today the closing of the sale of its About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC (NAS: IACI) for $300 million in cash, plus adjustments for working capital. The Company estimates the net after-tax proceeds from the sale will be approximately $290 million and plans to use the sale proceeds for general corporate purposes.
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 (NYS: 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 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 fromwww.nytco.com.
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
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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