BREAKING: CBS Acquiring CNET For $1.8 Billion; 44.6 Percent Premium
This story was written by Joseph Weisenthal.
CBS (NYSE: CBS) is acquiring CNET (NSDQ: CNET) for $1.8 billion. The purchase price comes to $11.50 per share, representing a 44.6 percent premium over last night's closing price of $7.95. This is that big acquisition we've been waiting for from Quincy Smith's CBS Interactive, and from CNET's perspective, there goes all of the court drama with Janaregardless of how they feel about this transaction, this represents a nice profit for them. The deal was approved unanimously by the CNET board and is expected to close in Q3
Said CBS CEO Les Moonves in the statement: "CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global 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. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success."
Among the sites in the CNET family that will now be part of CBS Interactive: CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company has also been building out its China operations, with sites devoted to womens content and auto.
More to come.
By Joseph Weisenthal