Barry Diller’s Internet company, IAC/InterActive Corp. (Nasdaq: IAC) has closed on its $300 million purchase of About.com.
About was previously owned by the New York Times Co. (NYSE: NYT), which had reportedly preliminarily accepted a $270 million bid from Answers.com when IAC stepped in. Answers is backed by private equity firms Summit Partners and TA Associates.
The New York Times Co. said it was engaged in discussions regarding the sale of the About group in an Aug. 8 statement. The deal closed Sept. 25.
New York-based IAC’s brands include Ask.com, CollegeHumor, Match.com, OKCupid, Vimeo and Urbanspoon. Diller is the media mogul credited with popularizing the TV miniseries and launching the Fox Broadcasting Co.
See previous coverage of About.com's sale here.