CBS Makes Big Push to the Net
On the news tab of the CNet site, the story isn’t even the lead; CBS Corp has announced it will purchase CNET Networks Inc. for $1.8 billion in cash. All reports say that this acquisition will make CBS one of the 10 most popular internet companies, but what they mean is that it will own properties that currently bring in about 54 million unique users per month and about 200 million users worldwide. What effect the CBS ownership will have on these properties will be something to watch.
My experience with CNet is as an excellent source for software downloads and Tech news. The family brand is actually much more than that and includes: BNet.com, Chow.com, GameSpot.com, mp3.com, MySimon, Search.com, TechRepublic, TV.com, UrbanBaby.com and ZDNet.
CNet’s board has unanimously approved the deal… one that sets the price of the CNet stock at $11.50 per share, 45% over CNet’s Wednesday closing price. If that doesn’t give the shareholds a warm fuzzy feeling about CBS, I don’t know what will
Internet properties in the CBS brand up to now had stayed close to home with sites like CBS.com, CBSSports.com and CBSNews.com. It will be a great case study to see if the media & entertainment company can really handle all that CNet will add to the CBS family.
Read the paidContent story here.
Read the AP story here.
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