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IAC Agrees to Buy for $300 Million in Cash

Barry Diller’s IAC/InterActiveCorp agreed to buy from New York Times Co. for $300 million in cash, letting the company expand its informational-website business.

The transaction is expected to be completed in the next several weeks, Times Co. said yesterday in a statement. IAC outbid an earlier $270 million offer from Answers Corp., according to a person with knowledge of the matter, who asked not to be named because the talks were private. Times Co. will use the proceeds from the deal for general corporate purposes.