Answers.com to buy About.com from "NY Times"
Answers.com is a former Israeli company, which was sold for $127 million in 2011, but still maintains a large Jerusalem R&D center.
"While About is gaining momentum in its turnaround efforts, and we expect to build on that progress in the second half of the year, we have reduced our long-term display growth and profitability assumptions for the group,” "The New York Times" CFO James Follo has told investors. The paper made a $195 million write-down on About.com for the second quarter, when it lowered its guidance on the unit, following a drop in revenue.
Answers.com is a former Israeli company, which was sold to Summit Partners in February 2011 for $127 million. Headquartered in St. Louis, Answers.com still maintains a large R&D center in Jerusalem.
Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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