CBS Acquiring CNET For $1.8 Billion; 44.6 Percent Premium

News Type: Event — Seeded on Thu May 15, 2008 8:24 AM EDT

Article Source: paidContent.org

CBS (NYSE: CBS) is acquiring CNET (NSDQ: CNET) for $1.8 billion in cash. The purchase price comes to $11.50 per share, representing a 44.6 percent premium over last night's closing price of $7.95. This is that big acquisition we've been waiting for from Quincy Smith's CBS Interactive, and from CNET's perspective, this avoids the proxy drama with Jana— it appears that this represents a nice profit for them, but the firm, we're told, has no comment on yet, and is looking into it. The deal was approved unanimously by the CNET board and is expected to close in Q3.

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Donald Turnbull's Column, All of Newsvine
Groups: GeekVine, Newsvine Technology
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CBS Turns Its Eye to the Web, Landing Network of Tech Sites	The Washington Post	Fri May 16	0
CBS to Pay $1.8 Billion for CNET Networks	The New York Times	Thu May 15	0
CBS to buy CNET Networks	CNET News.com	Thu May 15	3
CBS in $1.8B deal for online news, info site CNet	Associated Press	Thu May 15	3

DONALD TURNBULL

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CBS Acquiring CNET For $1.8 Billion; 44.6 Percent Premium

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