CNET Networks (San Francisco, CA) has signed a definitive agreement
to acquire Twofold Photos, Inc. (Redwood Shores, CA) and its Webshots
web site. Webshots is the leading web site in the photography category
and has the largest publicly available collection of shared photo
content. CNET will pay $60 million in cash and $10 million of deferred
compensation.
Launched in 1996, Webshots has a collection of over 58 million
images with 300,000 new photos uploaded daily. The site has over 14
million visitors each month and over 20 million average daily page
views. CNET said that its own and Webshots' audience are largely
unduplicated. CNET chairman Shelby Bonnie said the purchase "is an
outstanding example of strategically investing in assets that allow us
to continue to fuel the growth of CNET."
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