Breaking: CNET Networks Announces Sale of Webshots to American Greetings

CNET has issued a release that they have sold Webshots to American Greetings for $45 million in cash. From the release:

CNET Networks, 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."

In other news, CNET holds their quarterly earnings conference call this evening. I am looking forward to hearing CEO Neil Ashe speak at the Future of Business Media conference next week.