JournalismPakistan.com | Published August 09, 2012
Join our WhatsApp channel
NEW YORK: The New York Times Company has confirmed it is in talks to sell off its how-to website About.com, but insisted that no definitive deal had been reached.
"The negotiations are ongoing and there can be no assurances that an agreement will be reached or that a transaction will be completed," the media group said in a statement Wednesday.
"No definitive agreement has been reached."
An article on the newspaper's Media Decoder blog, citing a person familiar with the deal, said the company had a letter of intent to sell the site to rival Answers.com for $270 million.
The group took a major hit in the second quarter, posting a $88.1 million loss in part due to a $194.7 million writedown of About.com. But chairman and interim chief executive Arthur Sulzberger insisted the company would see better results in the second half thanks to a repositioning strategy.
The media group, which also publishes The Boston Globe, bought About.com for more than $400 million in 2005.
Selling off the website would fit into the strategy followed by the Times in recent months, which included the sale of its remaining stake in Fenway Sports Group, which owns the Boston Red Sox baseball team, and of its regional newspaper group.
"Given the performance of About.com over the last few quarters, this doesn't come as a surprise to us," said Barclays analyst Kannan Venkateshwar, adding that an eventual sale would allow the Times to have no net debt.
Shares in the New York Times Company rose 6.06 percent to close at $8.57 after reports emerged about the potential sale.- AFP
September 06, 2013:
August 15, 2013:
July 21, 2013:
July 15, 2013:
June 19, 2013:
April 22, 2013: Television sports announcer Al Michaels was arrested for driving under the influence in Santa Monica, California, after making an illegal U-turn. Michaels, a veteran NBC sportscaster, was cooperative with officers and scheduled to appear in court on June 26. NBC is aware of the situation.
April 10, 2013:
March 11, 2013:
April 11, 2025 Sindhi journalist AD Shar was brutally murdered in Khairpur, Sindh. His body was found dumped on Handiyari Link Road. PFUJ has declared a three-day mourning period and demanded justice.
April 10, 2025 The Azad Jammu and Kashmir government has filed a case against The Daily Jammu & Kashmir and its staff for alleged fake news, drawing condemnation from PFUJ and IFJ, who demand immediate withdrawal of the FIR and an end to media repression in Pakistan.
April 08, 2025 Journalist Arzoo Kazmi alleges that Pakistan's state agencies, including the FIA, have blocked her CNIC, passport, and bank account while threatening her. She calls it a direct attack on journalism.
April 07, 2025 The Islamabad High Court has directed IG Islamabad to produce journalist Ahmad Noorani’s missing brothers, as the Ministry of Defence denies custody. SIM activity was traced in Bahawalpur, and investigations into their suspected abduction continue.
April 07, 2025 Journalist and Raftar founder Farhan Mallick has been granted bail by a Karachi court in a case concerning anti-state content aired on his YouTube channel. He still faces separate charges related to an alleged illegal call center and data theft.