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.

The New York Times Company has a signed letter of intent from Answers.com to buy About.com from the Times for $270 million. But Barry Diller’s IAC is throwing its hat into the ring anyway.

According to Reuters, IAC has offered over $300 million for About.com. Yes, over $300 million.

To make things even more interesting, a source told Reuters that there might be more offers coming for the site. “There are still interested buyers who feel that the $280 million price is low and can be easily matched,” said the source.

No word on if that source was drunk or not.

Mark Thompson, the new CEO of the The New York Times Company, has a lot of work ahead of him. So hopefully, an annual base salary of $1 million per year and an equity sign-on bonus of $3 million will help sooth whatever stressors are ahead.

One million per year is not a bad salary. It’s only about $55 million less than Manny Pacquaio made last year and $36 million less than Adam Sandler.

That’s probably not a good way of looking at it.

The New York Times Company has found a company willing to take on the albatross that is About.com. All Things D is reporting that Answers.com has signed a letter of intent to buy the site from the Times for about $270 million.

“The deal hasn’t closed yet, and I’m told that Answers’ backers — PE firms Summit Partners and TA Associates — are trying to line up financing,” explains All Things D’s Peter Kafka.

Though the Times bought About.com for about $410 million in 2005, we’re sure its execs are crossing their fingers that this deal goes through, because the site has been dragging the Times down for awhile now. The most recent example was the Times taking a $195 million write down on the venture in the second quarter.

The New York Times Company released its 2Q report this morning, and buried among the bad news — the company posted a loss again, down $88 million because of decreasing ad dollars — was a small note about that CEO search:

A person familiar with the company’s thinking, who could not discuss private meetings publicly, said the board had made significant progress on the chief executive search and could announce a successor as early as September.

So Times reporters have insiders at the Times dishing on the Times. Got it.

The Times has been looking for someone to fill the diamond-encrusted shoes of Janet Robinson since late last year, and so far, we’ve only heard two names pop up — Gordon Crovitz and Alan Spoon. Will either be the company’s new CEO? Hard to say, but we’ll keep you posted.

(Haskell)

(Wright)

The New York Times Company has promoted two in its advertising department. Andy Wright and Todd Haskell have both been named group vice president, advertising.

Wright is a veteran of the Times’ advertising division, having started there in 1997. Since 2006 he has worked as vice president, advertising.

Haskell has been a part of the Times Company’s ad department since 2004. Since 2005 he has served as vice president, business development. Prior to joining the Times Company, Haskell worked for Meredith Corporation, starting in 1994.

The search being conducted by Spencer Stuart for the next New York Times Company CEO has kicked up two names: Gordon Crovitz and Alan Spoon. The New York Post is reporting that those two have emerged as frontrunners to replace Janet Robinson, though nothing is confirmed.

The two are big names, but don’t carry the digital experience many think the Times needs. Crovitz was The Wall Street Journal’s Publisher until 2007, when News Corp. completed its acquisition of Dow Jones. Since then he has been working as an advisor to tech startups. Spoon was most notably the President and CEO of The Washington Post Company; he also had a stint as President of Newsweek.

Obviously the two leading the pack is just a rumor, so don’t get too crazed. Hopefully the Times recognizes the need for someone with more of a digital background and will do the right thing. Stay tuned.

Jim Romenesko is reporting that The New York Times Company has laid off a slew of people on the corporate side, including longtime lawyer George Freeman.

“Yes, there were non-newsroom layoffs announced Wednesday in corporate and business-side positions and this was to adjust to the changing business environment and maintain our financial health,” Corporate Communications Senior Vice President Robert Christie, told Romenesko.

Freeman had been with the Times company for just over 30 years, most recently working as Vice President and Assistant General Counsel. He told Romenesko that he was “saddened and shocked” to learn that he had been among the cuts.

The search for the new CEO of The New York Times Company has begun. Bloomberg reports that the Times has hired Spencer Stuart — a recruiting firm that his been used by companies such as AOL and Hewlett-Packard — to find the replacement for Janet Robinson.

The early word is that the lucky person won’t come from inside the Times, which is bad news for Chief Advertising Officer Denise Warren and Times Media Group’s President and General Manager, Scott Heekin-Canedy.

If you’re wondering why we say the new CEO will be “lucky,” you obviously haven’t been paying attention to The Sweet Life O’ Robinson.

Marc Frons has been named The New York Times Company’s Chief Information Officer. Frons had been the Times’ Chief Technology Officer since 2006. Prior to that he was Chief Technology Officer of Dow Jones for two years.

Frons is also the founder of SmartMoney.com, which he started in 1995, after leaving his post as Senior Editor at Businessweek.

Frons will report to James Follo, the Times Company’s Senior Vice President and Chief Financial Officer, and Denise Warren, Chief Advertising Officer and General Manager, NYTimes.com.