New York Times to Sell

By Chris O'Shea Comment

The New York Times Company has found a company willing to take on the albatross that is All Things D is reporting that 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 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. The most recent example was the Times taking a $195 million write down on the venture in the second quarter.