IAC's search engine business Ask.com has acquired content Web site, About.com, from The New York Times Company for US$300 million in cash.
In a press statement Monday, IAC CEO Greg Blatt said the acquisition was "completely in line" with the company's mergers and acquisitions strategy and the two businesses were "complementary and synergistic".
"About.com's content will differentiate and greatly increase the authority of Ask.com's offerings, while Ask's expertise in search technology and user experience will improve the discoverability of existing content on About.com," Blatt said.
The acquisition will help About.com, a content and references site, generate more profit as part of Ask.com and IAC, he added.
Joey Levin, CEO of IAC search and applications, added in the same statement that About.com gives a "tremendous amount of quality content" to further enhance user experience and credibility of the Ask brand. "[IAC] can now market and distribute that content and the About brand through Ask, and significantly increase traffic and profitability at About," Levin said.
The About Group will join IAC's search and applications reporting segment of Ask.com, Dictionary.com, Mindspark, nRelate, and Pronto, IAC said. About CEO Darline Jean will report to Doug Leeds, the CEO of Ask.com.