CBS to acquire CNET for $1.8 billion

CBS to acquire CNET for $1.8 billion

Post-acquisition, CBS will become one of the 10 most popular web companies in America

Thursday, May 15, 2008

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BANGALORE, INDIA: Media giant CBS has announced its decision to acquire digital media content company CNET Networks, owner of numerous entertainment and information websites.

CBS announced that it will buy CNET for $11.50 a share, or $1.8 billion.

The US broadcaster said the CNET acquisition would transform it into one of the 10 most popular internet companies in the US with 54 million monthly unique users.

"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said CBS Chief Executive Leslie Moonves.

CNET owns a number of websites like CNET, ZDNet, TV.com, mp3.com and Silicon.com in the fields of news, entertainment, etc.

Of late CNET has expanded its readership into emerging markets like China.

CBS said the acquisition would extend its entertainment, sports, news and information content to a wider international audience.

"Together, CBS and CNET Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives," said Moonves.

Quincy Smith, president, CBS Interactive, said: "The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content."

CNET Networks soared 42.4 per cent, or $3.37, to $11.32 in premarket trading in New York, after the announcement.
©CyberMedia News

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