Television network CBS has entered into an agreement to acquire CNET Networks according to Leslie Moonves, President and CEO of CBS. Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET for $11.50 per share, representing an equity value of approximately $1.8 billion. The acquisition will make CBS one of the 10 most visited Internet companies in the United States, with a combined 54 million unique users per month. "There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said Moonves. "CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience."
Upon closing, CNET Networks' sites will be combined with CBS websites including CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms. The Board of Directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares. The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.
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