CNET Sells Webshots Photo-Sharing Site for $45 Million

Authored by Mark Hefflinger on October 26, 2007 - 9:07am.

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.

 

Related Links:
http://biz.yahoo.com/bw/071025/20071025006329.html?.v=1

http://news.yahoo.com/s/ap/20071026/ap_on_hi_te/cnet_webshots_2

http://www.cnet.com

http://www.webshots.com


Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Add image
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd><br><p> <b> <i> <img> <hr>
  • Images can be added to this post.
  • Web page addresses and e-mail addresses turn into links automatically.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.