|
|
THURSDAY MAY 15
CBS Bags CNET For $1.8 Bil But will this scuttle the ongoing proxy fight at the Internet media concern? A quick and dirty analysis of this breaking news. May 2008CBS Corp. agreed to acquire online news provider CNET Networks Inc. for about $1.8 billion, possibly putting an ongoing proxy fight at the Internet media company on ice. CNET shareholders would get $11.50 a share, a 45% premium to Wednesday's closing price. CBS said the deal, expected to close in the third quarter, would make it one of the 10 most popular Internet companies in the U.S., with a combined 54 million unique users per month, and about 200 million users world-wide. "There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said CBS President and Chief Executive Leslie Moonves. He added the move would put his company's content "to a whole new global audience." Mr. Moonves said the combined CBS-CNET 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." San Francisco-based CNET owns such Internet entertainment, news and information sites as CNET, ZDNet and GameSpot.com. The company has "a large international footprint, particularly in China," CBS noted.
1 COMMENTS
Posted by Oliver Zurbel - May 16 2008 @ 2:37 PM Re: CBS Bags CNET For $1.8 Bil Who were the advisors on the deal? I find it interesting that the banks work on both the buy and sell side weren't considered newsworthy here.
ADD YOUR COMMENT
Scan this issue:
Next article » All Not So Well In Land Of Beers? Previous article « Risk Junkies, Unite! |
|
