CBS Buys CNET For $1.75 Billion
Category: InternetPosted: May 15, 2008 06:43AM
Author: jammin
It would appear that television network CBS has agreed to purchase CNET, the popular tech news and entertainment portal for approximately $1.75bn. With the move CBS aims to significantly increase its online exposure, and will make it one of the big players, with 54 million US users and 200 million worldwide. CNET's portfolio includes sites such as ZDnet, Gamespot and News.com and will be added to CBS owned sites, CBSSports and CBSNews. The deal still has to be approved by regulators and CNET shareholders, though I expect the $11.50 per share offer (45% more than CNET's closing price yesterday) should pass with the latter.
