New York Times sells to IAC

  @CNNTech August 27, 2012: 10:15 AM ET

The New York Times Co. announced on Sunday that it has sold to IAC/InterActive Corp. for $300 million in cash.

IAC (IACI) won a month-long bidding war for the question and answer website. Four weeks ago, had signed a letter of intent to take off the Times' hands for $270 million. The president of, Peter Horan, had previously been the CEO of

But IAC swooped in with a higher bid last week. The interactive media and ad company plans to integrate into its own search engine and question-and-answer service,

"The complementary nature of these two businesses will provide significant synergies going forward, and thus we expect that will generate more profit as a part of and IAC than it has been able to over the last few years," IAC CEO Greg Blatt said in a prepared statement.

The Times Co. (NYT) first purchased the About Group in 2005 for $410 million. Profits for the company slipped after Google (GOOG, Fortune 500) changed its search algorithm in 2011. The tweak hurt the division's traffic and ad revenues.

IAC, however, expects a reversal for the website under its new ownership. The company also owns and Urbanspoon, among many others. It is also where Horan had served as the CEO of its Media and Advertising group, according to his LinkedIn (LNKD) page.

The Times Co. has undergone another change recently, as it took on the BBC's Mark Thompson as its new CEO.

In addition to the daily newspaper, the company's other properties include the International Herald Tribune and The Boston Globe. Its 2011 revenues reached $2.3 billion. To top of page

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