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The New York Times is reportedly set to sell About.com to Answers.com for $270 million. About.com is famous for its large selection of editorial content that ranges from tips and stories about beadwork to common mistakes made by first-time freshwater aquarium owners. AllThingsD said the deal is currently backed by Summit Partners and TA Associates and that it hasn’t closed yet.

The New York Times is definitely going to take a hit on the deal. It originally acquired About.com in 2005 for $410 million. The CEO left last year. The New York Times chief financial officer James Follo told the company’s investors earlier this year that About.com was gaining momentum and that the company hoped to increase its presence during the second half of this year.

Momentum towards a sale, I guess.

[via AllThingsD]