GamersCrib
05-15-2008, 09:00 AM
Deal Includes ZDNet, GameSpot.com And Other Web Sites
CBS Corp. says it has agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.8 billion.
CBS CEO and president Les Moonves said the deal will boost its online presence and allow it to tap the growing market for online advertising.
"This acquisition stands to make CBS one of the top 10 most popular Internet companies in the United States, with more than 54 million unduplicated unique users per month, and up to 200 million users worldwide," said Moonves in a statement.
CBS Corp. has offered $11.50 per share for San Francisco-based CNet. The bid represents a 45 percent premium above CNet's closing price of $7.95 on Wednesday.
"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNet Networks, Inc., which includes in its portfolio assets like CNET, ZDNet, GameSpot.com, TV.com, mp3.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic," Moonves said.
http://www.cbsnews.com/stories/2008/05/15/business/main4098152.shtml
CBS Corp. says it has agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.8 billion.
CBS CEO and president Les Moonves said the deal will boost its online presence and allow it to tap the growing market for online advertising.
"This acquisition stands to make CBS one of the top 10 most popular Internet companies in the United States, with more than 54 million unduplicated unique users per month, and up to 200 million users worldwide," said Moonves in a statement.
CBS Corp. has offered $11.50 per share for San Francisco-based CNet. The bid represents a 45 percent premium above CNet's closing price of $7.95 on Wednesday.
"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNet Networks, Inc., which includes in its portfolio assets like CNET, ZDNet, GameSpot.com, TV.com, mp3.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic," Moonves said.
http://www.cbsnews.com/stories/2008/05/15/business/main4098152.shtml