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.
posted on Thursday, May 15, 2008
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