CBS Buys CNet For $1.8 Billion
Here’s a marriage of old and new - CBS just made a deal to buy CNet Networks for $1.8 Billion, according to MarketWatch. CBS is paying a 45% premium for CNET, they must want to expand their Internet presence rapidly.
“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 Leslie Moonves said in a statement. “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.”
Upon closing, CNet Networks’ sites will be combined with CBS’s interactive businesses, which include CBS.com, CBSSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip and MobLogic.
I really, really hope that CBS doesn’t screw CNet when ‘combining’ it with their existing properties. I rather like CNET content. I’ve been using last.fm since the early days, and it doesn’t seem to have suffered under CBS, so I have some hope. I’d just hate for this to end up like TechTV after they got merged into G4.
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