resize text:

Online Journalism News

CBS to buy CNET Networks for $1.8 billion

Posted: 15/05/08 By: Oliver Luft
email this story | post a comment

CBS has entered into an agreement to buy CNET Networks $1.8 billion.

The two companies have agreed a cash deal that will see CBS buy all CNET shares and turn it overnight into one of the largest web companies in the US as CNET’s network of market leading sites - including ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com - is combined with CBS's interactive businesses.

"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said Leslie Moonves, president and CEO for CBS Corporation, in a statement to the press.

"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."

The transaction - subject to regulatory approval - is expected to be completed in the third quarter of this year.

Tags (click tag to find related articles; click icon for feed):
cbs | cnet |