CBS Buys CNet
For a cool $1.75 billion CBS has snatched up the ultra tech network CNet who’s portfolio include News.com, TV.com, Mp3.com, Download.com and GameSpot.
CBS Corp. agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.75 billion, expanding its access to the burgeoning Internet advertising market.
The Manhattan-based owner of the CBS television network offered $11.50 per share for San Francisco-based CNet. The bid is a 45% premium above CNet’s closing price of $7.95 on Wednesday.
CNet shares soared on the news.
CBS said the deal will boost its online presence and allow it to tap the rapidly expanding market for online advertising. CNet’s Web sites include News.com, TV.com, Mp3.com, MySimon and GameSpot.
The acquisition, expected to close in the third quarter, would make CBS one of the 10 most popular Internet companies in the U.S., with 54 million unique visitors a month and approximately 200 million uses worldwide, the New York company said.
CBS said it will combine CNet’s sites with its own online properties, including CBS.com, CBSSports.com and CBSNews.com.
4 Comments, Comment or Trackback
Larry
Meh.
May 16th, 2008
Zack
Oh, great.
May 18th, 2008
Mibrilane
4 days without a new post - did something bad happen?
May 20th, 2008
Caitlin
@Mibrilane,
I don’t know what you are talking about. They haven’t been posting much for the past 4 months.
May 20th, 2008
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