San Francisco - CNET Networks, an online publisher of technology news and provider of entertainment sites, announced that it has sold its Webshots photo-sharing service to American Greetings for $45 million.

The company initially paid $70 million to acquire Webshots in 2004.

"This transaction enables CNET Networks to continue to focus on key areas of growth," said Neil Ashe, CEO of CNET Networks.

The news comes as CNET reported a net loss of $16.6 million in the third quarter, compared with a $2.3 million loss in the same period a year ago, which the company attributed in part to a $19 million charge related to a stock options backdating investigation.

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