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New York Times in talks to shed

(CBS/AP) The New York Times is moving to cut its losses on

Citing an executive familiar with the situation, the media company reported Wednesday that it has signed a letter of intent to sell the online resource guide to for $270 million. The deal was first reported by blog AllThingsD.

In a statement, the Times confirmed that it is in talks to sell About Group, the division that houses, but did not disclose the potential buyer. Funding has yet to be lined up for the deal, which is not yet final, the company said. 

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The Times purchased in 2005 for roughly $410 million. Although the unit initially showed strong earnings after the acquisition, a change in the way Google (GOOG) handles search results reduced's traffic, and the falling cost of online advertising hurt its revenue growth.

In July, the Times took a $195 million charge on for the second quarter, which pushed the company to a loss for the period.

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