CBS To Buy Internet Pionner CNET For $1.8 Billion
May 15, 2008
Washington (dbTechno) - CBS has announced that they have plans to buy one of the pioneers of the Internet, CNET for $1.8 billion.
The deal will give CBS a major level of power on the Internet as CNET is one of the most popular destinations for those on the web.
CBS CEO Leslie Moonves put out a statement saying “There are very few opportunities to acquire a company like CNET Networks. CNET will add a tremendous platform to extend our complementary entertainment news, sports, music and information content to a whole new global audience.”
The CNET board has already approved the deal, which will have CBS paying $11.50 per share for teh company. This is a 45% premium to CNET’s closing price on Wednesday, which was at $7.95 per share.
The deal should close in the third quarter.
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