American Greetings to Cut Stake in Unit

American Greetings Corp., the largest publicly held maker of greeting cards, said it will sell a minority stake in its Internet unit through an initial public offering to boost spending on its online and software business. American Greetings, which licenses characters such as Holly Hobbie and Care Bears in addition to selling gifts, gift wrap and party supplies, will offer a portion of Americangreetings.com to investors later this year. The company didn’t offer details on the size of the stake or say when the shares will be offered. American Greetings, which had sales of $2.21 billion last year, plans to shift its focus to selling online as more consumers recognize the ease of sending holiday cards and gifts over the Internet. Shares of Cleveland-based American Greetings rose $1.19 to close at $29 on the NYSE.