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CBS to Buy CNET Networks

Discussion in 'News' started by malware, May 15, 2008.

  1. malware New Member

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    CBS has agreed to acquire CNET Networks in a deal valued at $1.8 billion, the companies said Thursday. The purchase price comes to $11.50 per share, representing a 44 percent premium over Wednesday's closing price of $7.95. The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and about 200 million users worldwide, the companies said.

    The deal is expected to close in the third quarter. CNET's board has unanimously approved the deal, the company said.

    Based in San Francisco, CNET Networks-owned sites include CNET, ZDNet, GameSpot, TV.com, MP3.com, CNET News.com, UrbanBaby, CHOW, Search.com, BNET, MySimon, and TechRepublic.

    CNET Networks, News.com's publisher, recently announced a partnership with Yahoo to provide technology news and reviews to the search company. The companies also agreed to allow Yahoo to sell display ads on CNET properties and for CNET to sell ads alongside the content it provides on Yahoo sites.

    CNET has been involved in a fight over control of its board with Jana Partners.

    Source: CNET News
     
  2. Ravenas

    Ravenas

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    Now when a new CSI game comes out at least one review site will give it editors choice.
     
  3. ktr

    ktr

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    1.8 billion in CASH!

    WowowoWOowwOWOowOWow....most buys are usually in shares and bonds.
     
  4. WarEagleAU

    WarEagleAU Bird of Prey

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    I hope this doesnt affect C|Net Downloads section.
     

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