CBS moves to buy CNET Networks for $1.8 billion
Category: Industry, Posted: 05/15/2008 at 03:04PM CDT by Frank Ling, Editorial Director
CBS has announced that it will buy CNET Networks for $1.8 billion. CNET is the parent of the websites GameSpot, TV.com, CNET News, ZDNet, CNET, UrbanBaby, Search.com and BNET.
The deal would move CBS into the top 10 most frequently visited Internet destinations in the US. With the merger of CBS and CNET, Gamespot may possibly reap the rewards of CBS Network's extensive infrastructure of news stations and outlets.
Leslie Moonves, President and CEO of CBS Corporation said, "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 Board of Directors at CNET Networks approved the deal and have recommended that CNET shareholders accept the offer from CBS.
[via pcworld]
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