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The New York Times Company (NYSE: NYT) announced today the closing of the sale of its About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC (NASDAQ: IACI) for $300 million in cash, plus adjustments for working capital. The Company estimates the net after-tax proceeds from the sale will be approximately $290 million and plans to use the sale proceeds for general corporate purposes.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include risks detailed from time to time in The New York Times Company’s publicly filed documents, including the Company’s Annual Report on Form 10-K for the year ended December 25, 2011. The New York Times Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About The New York Times Company
The New York Times Company (NYSE: NYT), a leading global, multimedia news and information company with 2011 revenues of $2.3 billion, includes The New York Times, the International Herald Tribune, The Boston Globe,
Boston.com and related properties. The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news and information.
This press release can be downloaded from www.nytco.com.