Thursday, May 15, 2008

CBS Buys CNET For $1.8B

CBS Corporation said today that it has entered into an agreement to acquire CNET Networks, in a deal worth approximately $1.8 billion in cash. According to CBS, it will make a cash tender offer of $11.50 per share for CNET Networks. CNET operates entertainment, news, and information sites including ZdNet, GameSpot, UrbanBaby, TechRepublic, and other sites; the firm had revenues of $406M in 2007. According to CBS, CNET Networks' sites will be combined with its interactie businesses. The deal is expected to be complete in the third quarter of the year.