IAC acquires from New York Times Company

The offices of IAC, an internet company with more than 50 brands serving consumer audiences is pictured in West Hollywood, California July 27, 2011. REUTERS/Fred Prouser

(Reuters) - Media mogul Barry Diller's IAC IACI.O said on Sunday that its unit has acquired information website from the New York Times Company NYT.N for $300 million in cash.

IAC’s bid, which Reuters had flagged earlier, came in above a $270 million offer from that the Times Co had preliminarily accepted.

“The acquisition is completely in line with IAC’s M&A strategy of acquiring, at disciplined valuations, companies that are complementary and synergistic with both our existing businesses and our areas of expertise,” IAC CEO Greg Blatt said in a press release.

Times Co has been selling non-core businesses in recent years in an effort to focus its resources around its flagship newspaper and accompanying website.

Times Co bought, a network of articles written about specialty topics ranging from personal finance to pets, in 2005 for $410 million. makes its money by selling advertising against its content.

But took a big hit after Google Inc GOOG.O overhauled its search algorithm in an effort to return high-quality results. Times Co wrote down the value of by $195 million last month.

In December, Times Co also agreed to sell 16 regional newspapers in a deal valued at roughly $145 million.

Reporting by Olivia Oran; Editing by Chris Gallagher