CNET to be acquired by CBS Corporation
16 May 2008
CBS Corporation has entered into an agreement to acquire CNET Networks, Inc.
CNET Networks, Inc. is a global interactive media company whose brands include Download.com, CNET.com, GameSpot, MySimon and TechRepublic, as well as various other websites focused on gaming, music, entertainment, technology, business, food, and parenting.
The acquisition proposal was announced by Leslie Moonves, President and Chief Executive Officer, CBS Corporation.
Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for US$11.50 per share, representing an equity value of approximately US$1.8 billion.
The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and approximately 200 million users worldwide.
Upon closing, CNET Networks' sites will be combined with CBS's interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS Audience Network, which is made up of more than 300 partner Web sites and reaches 82% of all online users in the United States.
The Board of Directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares.
The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer media businesses.
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