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CBS to buy technology news company CNet

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Date: Thursday 15 May 2008

LONDON (ShareCast) - US media titan CBS is to buy online technology news company CNet Networks for $1.8bn. The price represents a 45% premium to CNet’s current value based on its share price, CBS said.

The purchase will help CBS, which operates TV stations as well radio and publishing operations, increase its internet profile while gaining new advertising avenues.

"CNet Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience," CBS chief executive Leslie Moonves said.

"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."

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