CNet buys from LookSmart for $20.5 million

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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 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.