LookSmart Reports Poor Earnings & Sells FindArticles To CNET

Gary Price reports that LookSmart has sold off FindArticles to CNET Networks for $20.5 million.

LookSmart published a press release that details the sale is in cash, not in stock. Neil Ashe, CEO of CNET Networks, said:

CNET Networks understands that access to premium content is critical for our users’ online media experience. The addition of this high-quality content from leading independent publishers allows us to further improve the experience for our users.

In other LookSmart news, the Silicon Alley Insider reports having third quarter earnings. Those earnings were less than impressive, having Ted West, Chairman and Interim Chief Executive Officer, explain:

We are disappointed with our third quarter revenue growth, yet remain confident in, and committed to, the long-term growth strategy and profit potential of the Company. While our third quarter revenue results were adversely impacted by continued volatility in ad spend among our larger volume advertisers, we tightly managed our expense base, validating our commitment to position LookSmart for profitable growth in the future.

More coverage at Techmeme.