CNet buys FindArticles.com from LookSmart for $20.5 million
A 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.
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About the Author, Eric Eldon
Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.