Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
CBS to acquire CNET for US$ 1.8 billion
Posted on 16-May-2008 14:00 | Tags Filed under: News



CBS Corporation has entered into an agreement to acquire CNET Networks, Inc. it was announced today by Leslie Moonves, President and Chief Executive Officer, CBS Corporation.

Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for US$11.50 per share, representing an equity value of approximately US$1.8 billion.

The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and approximately 200 million users worldwide.

Based in San Francisco, CNET Networks owns many of the Internetís leading entertainment, news and information sites including CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company, which reported significant profits in 2007 on revenues of $406 million, has a large international footprint, particularly in China.

The companies say upon closing, CNET Networks' sites will be combined with CBS's stable of dynamic and growing interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS 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 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.





comments powered by Disqus




Trending now »

Hot discussions in our forums right now:

The President Of The USA: Donald Trump
Created by TimA, last reply by Fred99 on 26-Feb-2017 20:52 (3342 replies)
Pages... 221 222 223


"Parents' lawsuit claims FaceTime caused daughter's death"
Created by kingdragonfly, last reply by richms on 23-Feb-2017 11:03 (23 replies)
Pages... 2


Vodafone / SKY merger
Created by wingbat45, last reply by tdgeek on 25-Feb-2017 07:34 (136 replies)
Pages... 8 9 10


What is this green cabinet for?
Created by DarthKermit, last reply by MadEngineer on 24-Feb-2017 21:13 (20 replies)
Pages... 2


SureSignal missed calls
Created by hairy1, last reply by froob on 23-Feb-2017 20:23 (19 replies)
Pages... 2


Best way to network my computers
Created by Rikkitic, last reply by Rikkitic on 24-Feb-2017 11:24 (75 replies)
Pages... 3 4 5


US citizens can buy grenade launchers
Created by kingdragonfly, last reply by Sam91 on 26-Feb-2017 22:53 (16 replies)
Pages... 2


I paid the wrong Bank Account, what can I do - advice wanted?
Created by harlansmart, last reply by Aredwood on 26-Feb-2017 22:16 (50 replies)
Pages... 2 3 4