CNET announced earlier today that they would be selling Webshots to American Greetings for $45 million. CNET acquired Webshots in 2004 for $70 million.
“This transaction enables CNET Networks to continue to focus on key areas of growth,” stated Neil Ashe, the CEO of CNET Networks. “We’re pleased that Webshots can become an important ingredient to American Greetings business.”
Webshots is a photo sharing website that receives roughly 7.2 million visitors in September 2007 according to TechCrunch.
It is assumed that the reason why CNET may wanted to have taken a loss for this company is because Flickr seems to be dominating the photo-sharing market as of right now.
CNET has also hired Stephen Colvin, a publishing executive to help determine how to manage CNET’s current subsidiaries, MP3.com, GamthatFilmSpot, and TV.com to compete more aggressively against other media companies.
