The New York Times Company has found there is more interest than it may have expected in its ailing About Group, a business unit that includes the informational Web site About.com.
On Tuesday, a person familiar with the company confirmed that Barry Diller's IAC/InterActiveCorp had made an offer to acquire About.com, joining Answers.com in bidding for the site.
Reuters first reported the bid Tuesday afternoon, saying IAC had offered more than $300 million for About.
An IAC spokeswoman declined to comment. A Times Company spokeswoman also declined to comment.
IAC's offer comes nearly two weeks after the Times Company said it was “engaged in discussions regarding the potential sale of its About Group.†The company declined to give specifics but said in a press release that “negotiations are ongoing.â€
A person close to the Times Company said at the time that Answers.com, a Web site financed by the private equity firms TA Associates and Summit Partners, had offered the Times Company $270 million for About Group.
About Group, a unit that also includes ConsumerSearch.com, CalorieCount.com and About China, would fit into IAC's stable of informational Web sites, which includes Dictionary.com, Ask.com and Reference.com. IAC also controls dating Web sites like Match.com and OkCupid.com, as well as Newsweek and The Daily Beast.
Selling the About Group is part of the Times Company's ongoing strategy to shed assets that aren't core to its flagship newspaper business. Early this year, it sold its regional newspapers for $143 million, and it has also sold its stake in the Fenway Sports Group, owner of the Boston Red Sox.
Revenue at the About Group fell 8.7 percent to $25.4 million in the most recent quarter that ended in June.
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