Report: IAC Buys

IAC/Interactive, the Internet company owned by Barry Diller and the parent of the Newsweek Daily Beast Company, has reportedly purchased from The New York Times Company for $300 million. IAC made a surprise bid last week for, a collection of websites that give information on a variety of topics, ranging from alternative medicine to movies to zoology. Industry analysts had expected, which bid $270 million for the site, to walk away as the new owner. The Times, which bought in 2005 for $400 million, is expected to announce the sale on Monday.