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Webshots: Cnet Networks
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Webshots seemed to be growing pretty fast, though. The site attracted 7.2 million visitors in the U.S. in September, up 25 percent from last year.And just a year ago it was considered a key part of CNET’s strategy to become the Viacom of the online space.
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Webshots founder Narendra Rocherolle and his business partners first sold the site to ExciteAtHome for $82.5 million in 1999, near the height of the dot-com boom. After ExciteAtHome went bankrupt, Rocherolle and his partners bought Webshots back for just $2.4 million in 2002 and subsequently sold it to CNet.
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CNET (NSDQ: CNET) has filed financial data with the SEC showing what its numbers for the first three quarters of 2007 would have looked like without Webshots, which it sold to American Greeting for $45 million. The company has described Webshots as an underperforming asset; now it’s provided the numbers to back that up. Through Q307, Webshots contributed $8.4 million of CNET’s total $288.8 million top line. This is down 36 percent from the $13.1 million of Webshots revenue in the year-ago period. For all of 2006 (calculated by subtracting the pro-formas here with the numbers from last year’s 10-k), Webshots did revenue of $18.1 million. It’s not clear what full year ‘07 revenue would be for the site, but it was definitely going to come in well lower than what it did last year.
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Tara Tomlinson will be based in Chicago as Midwest Account Executive from her previous role as Midwest Regional Sales Manager for CNET Networks where she was responsible for online ad sales for Webshots, Chow and UrbanBaby. Previous to this, she served as Media Planner for Starcom Mediavest Group in Chicago where she managed planning and buying for Macy's and Kellogg's. Tiffany Foster ... joins as Midwest Account Executive from her previous role in ad sales at both broadcast and online TV Guide. Prior to this, she served as Media Planner at OMD Chicago where she was responsible for media planning and buying for Tropicana and Quaker.
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In 2002, Excite ended its support with Webshots and was sold to CNET. However, CNET then changed the policies of the free membership account. For free membership users, some professional pictures that were once free are now tagged with a premium-only banner and requires a premium user account in order to download.
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CLEVELAND, Oct. 25 /PRNewswire/ -- American Greetings Corporation AM today announced it has acquired the online assets of the Webshots brand from CNET Networks, Inc. CNET. The purchase price was approximately $45 million and is subject to customary post closing adjustments.
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