CBS takes over CNet Networks for $1.8bn
Friday 16 May 2008
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, GameSpot.com and mp3.com.
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.
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