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American Greeting buyout of two smaller companies
American Greetings, the creator of the namesake cards, agreed to buy Seattle-based PhotoWorks for $26.5 million in cash, or 59.5 cents a share.
Last month, the greeting-card maker bought Webshots from Cnet Networks for $45 million.
"The acquisition of PhotoWorks positions us for a comprehensive photo strategy, bringing together both digital and physical products," American Greetings CEO Zev Weiss said in a statement.
PhotoWorks, which had 48 employees as of January, hasn't posted a quarterly profit since the fourth quarter of 2004, according to Bloomberg data. Representatives for both companies didn't return voice-mail messages seeking comment.
PhotoWorks stock, which trades over the counter, closed unchanged at 26 cents Wednesday. The deal was announced after the stock market closed.
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List of most important articles 10/10
Updated on Jun 09, 08
Created on May 14, 08
Category: Family & Home
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