CBS Buys CNET

On May 15, 2008 media-giant CBS agreed to purchase the technology network CNET Networks, Inc. The merger is scheduled to be fully complete by the third quarter of 2008. CBS purchased CNET for $11.50 a share or $1.8 million. This is an increase in the stock price of $7.95 the day before. In talk of the merger, CNET stock prices increased while CBS stock prices decreased by $0.89 a share. CBS believes this will help them to provide news to a broader variety of people.

The following website are owned by the CNET network and will be included in the acquisition:

• CNET
• ZDNet
• GameSpot
• TV.com
• MP3.com
• CNET News.com
• UrbanBaby
• CHOW
• Search.com
• BNET
• MySimon
• TechRepublic

• "Our idea is to have our content wherever, whenever you can get it, and adding CNet just makes that happen faster,"
  • Leslie Moonves, CBS CEO

• Google Blog Search: CBS Buys CNET

• CNET News Blog: CBS to buy CNET Networks (May 15, 2008)

• Valleywag: CBS buys CNET Networks for $1.8 billion (May 15, 2008)

• ZDNet: We’ve been acquired: CBS buys CNET (May 15, 2008)

• TechCrunch: CNET CEO: “This Is An Exciting Day For Us” (May 15, 2008)

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