Social Networking & Social Media: What's the Difference?

Recently I've been asked to explain the difference between social networking and social media. Below is my take. I'm very interested in how others would explain the difference between the two.

1.) Social Networking: the act of collaborating, communicating, and sharing information via social media tools like LinkedIn, Twitter, and Facebook

2.) Social Media: the tools used like LinkedIn, Twitter, and Facebook to partake in social networking