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 Send to email | CBS to Acquire CNET for $1.8 Billion in News |  By Zach Epstein
el 15-May-2008 |
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CBS is taking aim at the young demographic as they prepare to shell out a whopping $1.8 billion in the acquisition of CNET Networks. The hefty sum amounts to $11.50 per share, a 44% premium over CNET’s closing price on the day of the announcement. JANA Partners, a major stakeholder in CNET, may be left unsatisfied by the deal despite the significant premium as it had been pushing recently for a management realignment. Whatever the case, the deal is as good as done and CBS has made no public statements with regards to immediate changes amongst CNET high-ups. CBS certainly has plenty to gain with the deal; in terms of reach, it will become one of the top 10 internet companies in the world. All services accounted for, CBS will now play host to over 54 million unique visitors per month and approximately 200 million total users worldwide. Sites that will now fall under CBS’s ownership as a result of the deal include CNET, ZDNet, TV.com, GameSpot.com, CNET News, CHOW and Search.com. President and CEO of CBS Les Moonves had this to say:
There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks. 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.
The acquisition has been approved unanimously by the CBS board but there are still some hoops to jump through. All is thought to be finalized in Q3 of this year.
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| CBS to Acquire CNET for $1.8 Billion | | CBS is taking aim at the young demographic as they prepare to shell out a whopping $1.8 billion in the acquisition of CNET Networks. The hefty sum amounts to $11.50 per share, a 44% premium over CNET’s closing price on the day of the announcement. JANA Partners, a major stakeholder in CNET, may be left [...] [..] Read complete article | | Published 15-May-2008 by Zach Epstein in News
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Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Verizon wants to buy Alltel, create incestuous major carrier |  What would you do with $27 billion? If your name is Verizon Wireless, it seems the answer is acquire rival Alltel. According to CNBC Verizon is “deep in talks” to acquire Alltel. The price currently being batted around is $27 billion, which is about equal to the GDP of Latvia. Alltel was recently purchased for [...] [..] Read complete article | | Published 04-Jun-2008 by Joshua Karp in AlltelNetworksVerizoncnbcverizon wireless
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| Review: Philips 47PFL5403 | | Its 28.9-billion color palette is a strong pro, thought the new HD Natural Motion engine fails to live up to our expectations.
Join CNET Asia’s community
Get your tech questions answered, meet other gadget lovers, start your own blog and be heard!
http://asia.cnet.com [..] Read complete article | | Published 11-Jul-2008 by Nerdblog in General
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| JANA: Here's Our Plan For CNET | | Last week CNET fired 120 employees in an effort to appease JANA, the hedge fund that wants to boot the company's board and senior executives. That didn't do the trick. So what do JANA and its allies want CNET to do?
See for yourself: [..] Read complete article | | Published 01-Apr-2008 by Silicon in General
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