May 15, 2008
“C” is for CBS gobbling up CNet. And that is good enough for me.
Posted May. 15, ’08, 9:03 AM PT by Dan Moren
Category | Business
Huh. Well. I don’t think I can say I saw that one coming. I mean, on the face of it, perhaps it would seem like CBS and CNet are a perfect fit for one another. I mean, they both start with “C” and they…both…start with “C”?
This is apparently not the first time that CBS has looked into acquiring the Internet portal site, which also owns News.com, ZDNet, GameSpot, Download.com, GameFAQs, TV.com, and a host of other popular sites. CBS will reputedly pay $1.8 billion for the deal, which represents a 45% increase over CNet’s current stock price of $7.95/share. CNet has faced hard times of late, losing $6.1 million in their most recent quarter, but CBS CEO Les Moonves still called the deal “profitable” in a statement.
“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”
I’m still trying to figure out what the future of CNet is going to look like. Maybe a CSI spinoff that takes place entirely online. Call it CSINet?
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Love the picture.
FWIW: CNET also owns VersionTracker.