Barry Diller Gets His Way, Buys About.com from New York Times for $300 Million
Barry Diller’s IAC is buying About.com from The New York Times Company after all, for a reported $300 million. It was widely assumed that the site would be sold to Answers.com, but IAC’s offer was a better option for the Times, as All Things D notes:
Apparently the fact that he’s offering a ‘clean cash’ deal helped sway the Times and its Allen & Co. bankers. Answers and its private equity backers Summit Partners and TA Associates were going to finance the deal with debt, and would have included equity in Answers as part of the transaction.
A wise choice by the Times. For a company that could use all the help it can get, nothing is better than straight cash, homie.
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