This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Times Buying About.com

The New York Times Co. (NYT - Get Report) said Thursday that it was buying the About.com Web site from Primedia (PRM) for $410 million in cash.

The Times said the deal would help the company increase its reach among online users and help diversify its online advertising base.

The deal is the latest example of major media companies buying up Internet properties to increase their exposure to the fast-growing online advertising business. Recently, Washington Post Co. (WPO) bought the online magazine Slate from Microsoft (MSFT). Earlier this year, Dow Jones (DJ) completed its acquisition of financial news publisher MarketWatch.

Primedia, which purchased About.com in 2001 for about $430 million in stock, had been shopping the online operation around for bids, it was reported earlier this month .

Citing statistics from Nielsen//NetRatings, the Times said that About.com, which reaches 22 million monthly users, will combine with the Times' current base of 13 million users to form the 12th-largest company on the Internet.

Separately, the Times said it was promoting longtime digital media executive Martin Nisenholtz to the post of senior vice president of digital operations.

Primedia's shares jumped 35 cents after hours to $4.40. Times shares ended regular trading at $38.25, down 46 cents.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
WPO $699.00 -1.24%
NYT $14.16 0.00%
AAPL $131.22 -0.62%
FB $80.55 0.00%
GOOG $539.79 0.00%

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs