Neowin.net - CBS to Buy CNet

CBS to Buy CNet

Posted by Bezhou Feng on 16 May 2008 - 03:03 · 7 comments & 2472 views

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.

Hide additional information

About the Author
Full name: Bezhou Feng
Forum name: Sagittarius
Contact: via forum PM
Submissions: Normal · Headline

Total votes: 1

Bookmark on del.icio.us

Advertisement

#1 Posted by +GreyWolfSC on 16 May 2008 - 05:09: Well... I think CBS is wasting their money, but, what the heck... It grows as trees!

#2 Posted by +Ji@nBing on 16 May 2008 - 05:10: Hopefully this means new management as well. Perhaps they can manage to bring some respectability back to Gamespot.

(1 reply) #3 Posted by +shakey_snake on 16 May 2008 - 07:37: So...

When does Neowin cash in?

(1 reply) #4 Posted by neufuse on 16 May 2008 - 13:06: Can't we just put CNet out of it's misery already?

#5 Posted by Magallanes on 16 May 2008 - 16:32: An untrusty television network will acquired a untrusty web group, sound plausible.

[1]

Commenting has either been disabled on this article or you are not logged in. Click here to login or register, its free!

Note: Anonymous commenting is disabled in order to keep the quality of responses to a high standard.

Scroll to the Top