CNet buys FindArticles.com from LookSmart for $20.5 million

Got email marketing? We've got best practices from LivingSocial and estate sale guru Everything But The House in our next Insight webinar.

findarticleslogo123.pngA few weeks ago, when CNET sold off its photo-sharing site WebShots for a loss, we noted that the San Francisco media company had also taken out a $250 million loan that would most likely be used for more acquisitions.

Today, CNET announced it has purchased article-search company FindArticles.com for an all-cash deal worth $20.5 million from LookSmart, an online advertising and services company.

FindArticles provides free and or for-fee access to more than ten million articles from 3000 news sources.

The news comes as LookSmart has also announced a disappointing third quarter, citing lower-than-expected revenue from its advertising clients.