The New York Times Company announced in press release Thursday afternoon that it is set to purchase About.com from Primedia, Inc. for $410 million - in cash. This move creates a significant online footprint for the NYTCo, and expands the eyeball grab of the company, with an additional 22 million unique visitors per month - more than the entire current network that the Company is receiving, on average.

Primedia president and CEO Kelly Conlin seems to be pleased with the move, saying "The sale of About.com is a material deleveraging transaction that significantly strengthens Primedia's balance sheet." At the same time, current About CEO Peter Horan followed up by saying that "About.com will grow even stronger by being affiliated with such a strong, innovative media company." Does this mean Primedia wasn't innovative enough?

Rafat Ali has more here and some commentary here. The full press release can be found here via BusinessWire. Check here for the Times' coverage.

I'm in Ali's camp on this one - search visitors to About have to be legion, and the Times could probably work some wonders around that, and it could be just the boon to advertisers as the world of print media continues to decline. The newsgathering will continue as it is, but circulation will drop - it's only a matter of time. This keeps the "blood flowing" in the company, for the time being. On your toes, people, on your toes.

[Thanks, Joe!]