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Internet media company and tech news hub CNet Networks Inc. has announced the sale of its photo-sharing site Webshots. Ownership of the lagging site is slated to got to American Greetings Corp., who shelled out $45 million to take it off CNet's hands. Here's the juicy part though -- CNet bought the site for $70 million just three years ago.
Webshots Bought for $70 Million, Sold For $45 Million [blog.wired.com]
joined:Dec 29, 2003
joined:July 29, 2007
Cnet are probably lucky to offload it at that price given its performance. They do not disclose numbers ofr it separately, but I would guess they got a decent multiple for a declining business.