NY Times to Buy About .com

Me Oh My Dept: RealTechNews contributor JOhn Marrin reported the following from NYBusiness.com: “The New York Times Co. has agreed to buy About.com from Primedia Inc. in an all-cash deal valued at about $410 million.

The company says the deal will give it the 12th-largest Internet presence and a platform for future growth on the Web. The Times Co., whose digital properties include NYTimes.com and Boston.com, has a current base of 13 million users, while About.com has 22 million monthly users. About.com has an advertising-supported network of sites run by experts who provide advice on topics ranging from personal finance to consumer electronics. The Times Co. says it expects to operate About.com as a distinct division and expand its content.

Primedia, which is owned by Kohlberg Kravis Roberts & Co., bought About.com in October 2000 for $690 million in stock, but was never able to successfully integrate the property with its stable of enthusiast magazines.