CBS to buy CNET Networks
CBS has agreed to acquire CNET Networks in a deal valued at $1.8 billion, the companies said Thursday.
The purchase price comes to $11.50 per share, representing a 44 percent premium over Wednesday's closing price of $7.95.
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 about 200 million users worldwide, the companies said.
The deal is expected to close in the third quarter. CNET's board has unanimously approved the deal, the company said.
Based in San Francisco, CNET Networks-owned sites include CNET, ZDNet, GameSpot, TV.com, MP3.com, CNET News.com, UrbanBaby, CHOW, Search.com, BNET, MySimon, and TechRepublic.
CNET Networks, News.com's publisher, recently announced a partnership with Yahoo to provide technology news and reviews to the search company. The companies also agreed to allow Yahoo to sell display ads on CNET properties and for CNET to sell ads alongside the content it provides on Yahoo sites.
CNET has been involved in a fight over control of its board with Jana Partners.
Margaret is news editor for CNET News, based in the Boston bureau. She also oversees the CNET Blog Network. E-mail Margaret.
Media Company Before CBS acquires it = Grilled T-Bone Steak
Same Media Company After CBS acquires it = Salsbury Steak TV-Dinner
It still taste ok but no where near as good as before.
Last.FM is still great and it was brought last year by CBS.
OTOH, with the coming demise of the silicon valley stranglehold on things technology as the europeans and the pacific rim move in to break up the hegemonies, it will tough to grow at a decent rate.
For example, I think CNET actually does pretty good car tech reviews -- those would make great segments on various CBS shows. And come Christmas time, I would expect to see CNET reviewers pop up on CBS shows talking about hot tech toys for the holidays, that kind of thing.
Even if 20 years ago, Mad Magazine said that CBS stood for Countless Bad Shows. Even CW and Fox beats CBS in ratings apparently.
How long before CBS ruins CNet and then sells it to Microsoft?
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by awinn233
May 15, 2008 9:22 AM PDT
- What the hell, CNET is not a political news website, but a technology review website. I don't see how a liberal political view would bias in any way their technology reporting. The more worrying aspect of this deal to me is CNET's objectivity when reporting on CBS news or products.
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by open-mind
May 16, 2008 12:00 PM PDT
- Each year I notice more and more overlap between politics and technology. Taxing of sales over the internet? Public surveillance cameras that transmit over IP? Far left-wingers that want to take over companies like Yahoo? I see lots of overlap.
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