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Disney Internet Group Sells Infoseek Japan for $81 Million

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Shares of

Walt Disney Internet Group

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, the online unit of entertainment giant


(DIS) - Get Walt Disney Company Report

, tumbled close to their 52-week low after the company said it sold

Infoseek Japan

to Japanese e-commerce company


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Disney Internet Group's shares were recently down 6.2%, or 31 cents, to $4.75 on the

New York Stock Exchange

. The shares have a 52-week high of $33.31 and a low for the year of $4.50.

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The company said it was selling Infoseek Japan, the fourth largest search portal in Japan, for about $81 million. The sale includes an ongoing, strategic relationship whereby the Walt Disney Internet Group's Web content sites will be given preferred status for distribution on Infoseek Japan sites.

Separately, Disney Internet said it signed a three-year agreement naming



as the company's preferred technology provider. The agreement is valued at more than $100 million.