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Web deal blacks Gray Lady's eye; Times' pricey site purchase a puzzle.(News)
Crain's New York Business, February, 2005 by elstein, aaron
Byline: aaron elstein In the world at large, no other newspaper has the prestige of The New York Times. Yet on Wall Street, the company that owns the paper is considered one of the industry's poorest performers. Last week, that negative view was confirmed yet again when The New York Times Co.
unveiled a giddy deal to pay $410 million to buy Web site About.com from Primedia. Those hoping for a bounce in the Times' stock after its most recent yearlong slide should abandon hope and head for the exits. Yes, it's true that the acquisition came only weeks after Dow Jones paid $528 million to buy financial news site MarketWatch.com. It's also true that About.com increases the Times' exposure to the online advertising market, which is forecast to grow more than...
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