CBS to buy CNET Networks for $1.8 billion
Buy-out will create one of the most audience-heavy internet businesses in the world
– 1 min read
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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.
Written by
Laura Oliver is a freelance journalist, a contributor to the Reuters Institute for the Study of Journalism, co-founder of The Society of Freelance Journalists and the former editor of Journalism.co.uk (prior to it becoming JournalismUK)
