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New York Times completes sales of About Group to InterActiveCorp

The New York Times Company (NYT) announced the closing of the sale of its About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC (IACI) for $300M in cash, plus adjustments for working capital. The Company estimates the net after-tax proceeds from the sale will be approximately $290M and plans to use the sale proceeds for general corporate purposes.