CBS corporation to pick up CNET Networks, Inc.

Posted May 15, 2008 at 4:16AM EST by QJ Staff

Listed in: Magazines, News Tags: CNET

CBS has announced that it has entered a deal which will allow it to acquire CNET Networks, Inc. If this pushes through, then CBS will become one of the top ten internet companies in the United States.

Leslie Moonves, President and Chief Executive Officer for CBS Corporation announced that the company will be making a cash tender offer for all issued and outstanding shares at US$ 11.50. That's an equity value of US$ 1.8 billion that the company will be shelling out to get CNET.

The board of directors at CNET Networks have unanimously approved this merger and recommends that stockholders accept the offer. The deal is still subject to customary conditions although it is expected to be completed by the third quarter of this year.

CNET Networks owns quite a number of popular websites such as CNET, ZDNet, GameSpot.com, TV.com, CNET News, UrbanBaby, BNET, CHOW, and Search.com. When this is combined with CBS' portfolio of websites including CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, the company is expected to reach up to 54 million users in the United states and 200 million users worldwide.

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CBS corporation to pick up CNET Networks, Inc.

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