CBS to buy CNet
May 15th 2008
BBC reports that CBS has agreed to buy technology news and entertainment website CNET for about $1.75 billion--an offer of $11.50 per share, a 45% premium on today's opening price.
CBS said that the purchase of CNET, which owns sites such as ZDNet and Gamespot, would help to boost its online presence. The deal will make CBS "one of the 10 most popular Internet companies in the United States", with 54 million US users and 200 million worldwide, CBS said in a statement.
The deal is subject to approval by regulators and CNET shareholders.
Other CNET sites include News.com, TV.com, Mp3.com and MySimon.
Editor's note: Everything old becomes new again.
