CBS takes over CNet Networks for $1.8bn

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The Independent Online

CBS, the US television and radio giant, is buying CNet Networks, the pioneering internet company best known for its technology industry news and reviews.

The $1.8bn takeover expands CBS's online presence at a time when traditional broadcasters are looking for profitable ways to distribute content on the internet. CNet also owns a number of entertainment sites including ZDNet, and

Over the past few months, the company has been under fire from dissident shareholders concerned about its sliding stock price, so the takeover – pitched at a 45 per cent premium to the prevailing share price – averts a showdown at the company’s forthcoming annual meeting.