Web giants bid for About.com
11 February 2005
The About.com web portal has been put up for sale.
Five internet firms, including Google, Yahoo, The New York Times Company, AOL and Ask Jeeves, are believed to have submitted final bids.
Primedia, a publishing company owned by Kohlberg Kravis Roberts, put About.com up for sale and final bids were due this week. The auction was managed by Goldman Sachs and has been running for just over a month.
The asking price for the website is $350 million to $500 million
Founded in 1996 as the Mining Company, About is one of the oldest internet properties. In October 2000, the company was purchased by Primemedia for $690 million worth of stocks.
About has struggled over the past few years and has seen user numbers fall, About.com has a massive directory network of expert sites and a large archive of topic-based articles and its future rests on the winning bidder.
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