CNET Networks Announces Sale of Webshots to American Greetings
CNET Networks, Inc. (NASDAQ:CNET), a leading interactive media company, today announced the sale of its Webshots business to American Greetings, effective immediately, for approximately $45 million in cash. Webshots, a leading photo-sharing property, was purchased by CNET Networks in August 2004. American Greetings is one of the world’s largest manufacturers of social expression products.
“This transaction enables CNET Networks to continue to focus on key areas of growth,” said Neil Ashe, CEO of CNET Networks. “We’re pleased that Webshots can become an important ingredient to American Greetings business.”
Further information regarding the transaction will be provided on the CNET Networks third quarter 2007 conference call today, October 25 at 5:00 p.m. EST. A live broadcast of the conference call will be available via webcast, which can be accessed by visiting the CNET Networks Investor Relations website home page at http://ir.cnetnetworks.com and clicking on the link provided. The conference call will also be available via telephone by dialing (800) 344-1035 (international: (706) 679-3076).
About CNET Networks, Inc.
CNET Networks, Inc. (Nasdaq:CNET) (http://www.cnetnetworks.com) is an interactive media company that builds brands for people and the things they are passionate about, such as gaming, music, entertainment, technology, business, food, and parenting. The Company’s leading brands include CNET, GameSpot, TV.com, MP3.com, CHOW, UrbanBaby, ZDNet, BNET, and TechRepublic. Founded in 1992, CNET Networks has a strong presence in the US, Asia, and Europe.