Mainstream media has taken a big punt on the blogosphere this week, or something close to the blogosphere, with news today that the New York Times has purchased About.com for $410 million USD cash.

About.com, originally the Mining Company, provides information on a large number of topics using paid “Guides”, recently rebranded itself as blogging site.

Internetnews.com reports the NY Times said it wanted About.com to extend its reach among Internet users, diversify its online advertising inventory and add pay-per-click ads.

The combined entity will have approximately 35 million viewers.

The $410 million purchase prices is said to be ten times earnings for the last year.