New York Times to Sell About.com

The New York Times Company has found a company willing to take on the albatross that is About.com. All Things D is reporting that Answers.com has signed a letter of intent to buy the site from the Times for about $270 million.

“The deal hasn’t closed yet, and I’m told that Answers’ backers — PE firms Summit Partners and TA Associates — are trying to line up financing,” explains All Things D’s Peter Kafka.

Though the Times bought About.com for about $410 million in 2005, we’re sure its execs are crossing their fingers that this deal goes through, because the site has been dragging the Times down for awhile now.

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