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CBS To Acquire GameSpot Parent Company CNET
Media conglomerate CBS Corporation has entered an agreement to acquire CNET Networks, parent company of GameSpot.com and a number of other online properties, purchasing all issued and outstanding shares in a deal worth an estimated $1.8 billion.
May 15, 2008
2 Min Read
CBS Corporation’s president and CEO Leslie Moonves has announced that the radio and television network has entered an agreement to acquire CNET Networks. The acquisition, which includes CNET networks sites GameSpot.com, ZDNet, TV.Com, mp3.com, and many others, will make CBS one of the U.S.’s top ten most popular internet companies with a combined 54 million unique users per month and approximately 200 million users worldwide. CBS has agreed to make a cash tender offer for all issued and outstanding CNET Networks shares in a deal worth an approximate $1.8 billion. Based in San Francisco, CNET previously reported significant profits in 2007 on revenues of $406 million. CNET Networks’ board of directors has unanimously approved the agreement and recommends that stockholders accept the tender offer, tendering their shares. CNET Networks’ sites will join CBS’s current interactive businesses and digital media platforms, including CBS.com, CBSSports.com, last.fm, and many others. They will also be integrated into the CBS Audience Network, a distribution network made up of over 300 partner web sites reaching 82% of all North American online users. Said Moonves: "There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks. CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience. 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.” CNET Networks CEO Neil Ashe added: "We're thrilled to join CBS and combine our interactive media experience with CBS's world-class content. CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences. Today's announcement brings together two organizations that complement each other and working with Leslie, Quincy, and the talented people at CBS, we look forward to taking our business and our brands to the next level."
About the Author(s)
Eric Caoili currently serves as a news editor for Gamasutra, and has helmed numerous other UBM Techweb Game Network sites all now long-dead, including GameSetWatch. He is also co-editor for beloved handheld gaming blog Tiny Cartridge, and has contributed to Joystiq, Winamp, GamePro, and 4 Color Rebellion.
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