About.com sale report leads to New York Times share rise
Shares in the New York Times (NYT) have climbed today (August 8th) amid reports the newspaper is conducting a sale.
Following news relayed by the AllThingsD site that the company will sell About.com to Answer.com for $270 million (£172 million), the stocks have risen 9.7 per cent.
Speaking to Bloomberg News, a person with knowledge on the matter revealed the transaction is yet to be completed, but is well under way.
The newspaper witnessed its biggest share rise following the news, after only experiencing gains of 4.5 per cent this year prior to the deal being revealed.
NYT is currently working on a strategy to place greater emphasis on its New York Times Media - and this latest move appears to be a continuation of that.
The organisation has already offloaded its Fenway Sports Group stake for $93 million and made an agreement that sees its regional newspaper division sold for $143 million.
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