CBS Corporation To Acquire CNET Networks, Inc.
CBS announced today that it has sealed the acquisition of CNET Networks, which ownes many of the Internet’s 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.
“Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $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.”
CBS said the deal, expected to close in the third quarter.
[Source Yahoo! Finance]
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