New York Times completes $300M sale of to IAC

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The New York Times has closed its $300 million deal to sell to IAC’s business, the companies announced today.

While was originally named as a potential buyer, the New York Times ended up announcing the sale of to Barry Diller’s IAC conglomerate for $300 million about a month ago. At the time, the New York Times said it would use the cash for “general corporate purposes.”

The Times purchased for $410 million back in 2005, but the site and its related properties have become less valuable over time due to changes in Google’s algorithms. used to have much higher rankings in search for its articles about everything. hosts nearly 1,000 topic sites and more than three million articles.

In theory, IAC could use its experience with numerous web properties to rehabilitate and fold its content into, which is still surprisingly popular for online questions-and-answers. The Ask Network ranked No. 7 on comScore’s July 2012 list of top U.S. web properties.