Webshots sold for $45 million by CNet

Online media giant CNet has revealed that they have now sold their subsidiary Webshots to American Greetings Corp. for $45 million.

Webshots is basically a photo sharing service which faces intense competition from market leader Flickr and other sites.

The price CNet got for this company is a lot less than what they had acquired it for originally.

CNet bought the site for $70 million in 2004. They have been losing money on operations of the web service too.

CNet further announced that they are now appointing Stephen Colvin to look after their entertainment brands such as GameSpot, FilmSpot, TV.com and MP3.com.