The $300 million cash deal for the struggling information site is expected to close in the next few weeks.
IAC/Interactivecorp is willing to pay $30 million more than Answers.com has agreed to pay for the information site, according to Reuters.
Webware 100 winner: About.com
After nearly three years at the site, Chief Executive Scott Meyer is leaving the company and its parent, The New York Times.
Online community site About.com has shut its free Web-based e-mail and page-hosting services, the latest causalities of the advertising downturn. The company, owned by Primedia, said its approximately 15,000 e-mail users have been invited to sign up for a new advertising-free e-mail service, WebMail Pro, which will launch Dec. 15 with a $29.95 annual fee. For Web page hosting services, the company is directing customers to ZDNet's Sitebuilder platform, a for-fee service; or Freeservers.com, owned by About.com. ZDNet is a division of CNET Networks, publisher of News.com.
A former About.com general manager is now in charge of the start-up, which aggregates news and blog discussion around towns and neighborhoods.
Internet media company About.com has reported a fourth-quarter loss, excluding noncash compensation, goodwill amortization and merger related costs, of $4.1 million, or 21 cents per share, on revenues of $34.2 million. Analysts had expected a loss of 8 cents per share, according to First Call. That compares with a loss of $8.3 million, or 57 cents per share, on revenues of $13 million in the same period in 1999. In October, About.com announced it would merge with Primedia; the deal is expected to close at the end of the month.
Amazon.com, About.com, Avant, AT&T and Verizon are among the companies expected to move in the markets Monday.
Primedia, the publisher of New York and Seventeen magazines, says it has bought the Net media company for $690 million in stock.