Diller's IAC/InterActive (IACI) Raises Bid Ceiling on About.com 11% to $300M (NYT)
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Barry Diller's IAC/InterActiveCorp (Nasdaq: IACI) is said to have outbid Answers.com for one of the most sought after web properties around.
According to Reuters on Tuesday, IAC/InterActiveCorp is placing a bid of $300 million for About.com, which is owned by the New York Times (NYSE: NYT). The bid is $30 million above a $270 million submission by Answers.com, which is backed by PE firms TA Associates and Summit Partners.
News comes following the filing of an SEC 8-K on August 8th, stating the Times was in talks to sell the unit. Just last week, the Times also announced appointment of a new CEO in BBC Director-General Mark Thompson.
Some are concerned about the potential of About.com moving forward. The site generally ranks high in search results from providing content on such wide-ranging topics as steaming broccoli and the War of 1812. Since Google (Nasdaq: GOOG) has modified its search algorithm, however, some About.com results have fallen out of favor. The Times event wrote down the value of the segment by $195 million, from $410 million originally paid in 2005.
With no final date set or official auction process announced, more bids might be submitted before the fate of About.com is determined.
According to Reuters on Tuesday, IAC/InterActiveCorp is placing a bid of $300 million for About.com, which is owned by the New York Times (NYSE: NYT). The bid is $30 million above a $270 million submission by Answers.com, which is backed by PE firms TA Associates and Summit Partners.
News comes following the filing of an SEC 8-K on August 8th, stating the Times was in talks to sell the unit. Just last week, the Times also announced appointment of a new CEO in BBC Director-General Mark Thompson.
Some are concerned about the potential of About.com moving forward. The site generally ranks high in search results from providing content on such wide-ranging topics as steaming broccoli and the War of 1812. Since Google (Nasdaq: GOOG) has modified its search algorithm, however, some About.com results have fallen out of favor. The Times event wrote down the value of the segment by $195 million, from $410 million originally paid in 2005.
With no final date set or official auction process announced, more bids might be submitted before the fate of About.com is determined.
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