CBS to buy CNET Networks
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.
-
by rexworld
May 15, 2008 6:38 AM PDT
- It will be interesting to see if CNET is integrated at all with the broadcast side or if it was purchased strictly for the Internet side. There's some good cross-promotional opportunities if they do it right.
For example, I think CNET actually does pretty good car tech reviews -- those would make great segments on various CBS shows. And come Christmas time, I would expect to see CNET reviewers pop up on CBS shows talking about hot tech toys for the holidays, that kind of thing.
-
Reply to this comment
-
-
1 | 2 | 3 | 4 | 5 | 6 | 7 | Next 10 Comments >>