Walt Disney Internet Group
, the online unit of entertainment giant
, tumbled close to their 52-week low after the company said it sold
to Japanese e-commerce company
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.
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.