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CBS buys out CNet Networks, Gamespot in $1.8 billion deal

Thursday, 15 May 2008 16:15
CNet cost CBS approximately $1,8 billion, expanding the corporation's internet presence significantly
CBS Corporation has entered into an agreement to acquire CNet Networks, a company which includes among its assets popular gaming website Gamespot. The deal, for $11.50 (£6.75) per share, is reputed to represent an equity value of approximately $1.8 billion (£900 million).

The deal was announced today by Leslie Moonves, president and chief executive officer of CBS Corporation. The acquisition will make CBS one of the most popular internet companies in the US, with a combined 54 million unique users per month (approximately 200 million worldwide).

"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said Moonves.

"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.

"We could not be more pleased with the prospect of adding CNet Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success."

CNET Networks owns many of the internet's leading entertainment, news and information sites including CNet, ZDNet, gamespot.com, TV.com, mp3.com, UrbanBaby, Chow, Search.com,
BNet, MySimon and TechRepublic.

"The core businesses of CNet Networks and CBS Interactive represent near perfect category symmetry in premium online content," said Quincy Smith, president of CBS Interactive.

"Together we will have a terrific opportunity to not only grow our established businesses, but to build new attractive verticals of content as well.

"This is the beginning of an era for both CBS and CNET Networks; plus, it's going to be great to work with Neil and his team, many of whom I have known for many years."


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