by: Peter Lauria and Jennifer Saba | Reuters

(Reuters) - Barry Diller's IAC/Interactivecorp submitted an offer in excess of $300 million to buy the About.com information website from the New York Times Co, according to people with knowledge of the situation. 

IAC's bid is above the $270 million offer that the Times Co has preliminarily accepted from Answers.com, a website backed by private equity firms Summit Partners and TA Associates, said one of the sources.