About.com attracts 22m visitors a month. It uses a network of 500 experts to create websites on thousands of topics, ranging from personal finance to history and geography.
The New York Times Company owns 40 websites, including NYTimes.com and Boston.com, which have a combined 13m visitors a month.
It said About.com's archive of original content provided significant advertising opportunities and it would diversify and strengthen its online advertising base.
Janet Robinson, president and chief executive of the New York Times Company, said: "With the Times Company behind it, About.com is poised to grow even further, benefiting the New York Times Company and its shareholders."
About.com will operate as a separate business division after the acquisition. The deal is subject to regulatory approval and is expected to be completed later this quarter.
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