AllThingsD's Peter Kafka reports that The New York Times Company is trying to unload
the site which totally mucks up your search results About.com to Answers.com. While the purported price may sound like a lot, keep in mind that The Times initially paid $410 million in 2005 for the content farm which is at least a $140 million hit. "The question-and-answers site has signed a letter of intent to buy About for $270 million, according to people familiar with the transaction," he writes. "The deal hasn’t closed yet, and I’m told that Answers’ backers — PE firms Summit Partners and TA Associates — are trying to line up financing." Despite its hefty price tag (about a fourth of an Instagram) About.com has been a thorn in the side of The Times Co.'s earnings: As we noted in February, the site had a 67 percent drop in profits, and again in April we detailed the About's 23.1 percent drop in overall revenue.
Update, 1:35 p.m.: The New York Times Company confirms the discussion in a release.
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