CBS Corp. to Buy CNET for $1.8 Bil

May 15, 2008  •  Post A Comment

CBS Corp., looking to further change its reputation as one of the most traditional television companies, has agreed to acquired CNET Networks Inc. for about $1.8 billion.
CBS says the acquisition will make it one of the 10 most popular Internet companies in the United State, with 54 million unique users per month and about 200 million users worldwide.
“CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience,” Les Moonves, president and CEO of CBS Corp. said today in a statement. “Together, CBS and CNET Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives.”
Directors of CNET unanimously approved the acquisition, which calls for that company’s shareholders to receive $11.50 a share from CBS.
Based in San Francisco, CNET Networks news and information sites include CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic.
Upon closing, CNET Networks’ sites will be combined with CBS’s stable of Web properties, which include: CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms. CBS also puts out material through its audience network, which is made up of more than 300 partner Web sites and reaches 82% of all online users in the United States.
“The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content,” said Quincy Smith, president, CBS Interactive. “Together we will have a terrific opportunity to not only grow our established businesses, but to build new attractive verticals of content as well. This is the beginning of an era for both CBS and CNET Networks.”
At its upfront presentation Wednesday, CBS talked up its non-broadcast network assets including radio, out-of-home, syndication and digital. At a cocktail reception for journalists following the presentation, Mr. Moonves and other CBS executives managed not to mention the pending acquisition.
(Editor: Baumann)


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