Archive for May 15th, 2008
CBS is acquiring C|NET for $1.8 billion in cash. The purchase price comes to $11.50 per share, representing a 44.6 percent premium over last night’s closing price of $7.95.
CBS CEO Les Moonves is quoted as saying:
“CBS stands for premium content and unparalleled reach, and C|NET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience. Together, CBS and C|NET 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. We could not be more pleased with the prospect of adding C|NET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success.”
Among the sites in the C|NET family that will be part of CBS Interactive pending approval: C|NET, ZDNet, GameSpot.com, TV.com, mp3.com, C|NET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company has also been building out its China operations, with sites devoted to womens content and auto.
C|Net aquisitions have been rumored for so long that it has become more of an inside joke then anything else. It’s not clear from the release what will happen to C|NET’s management. Neil Ash sort of answers that by saying:
“C|NET Networks operates some of the most important premium online brands, serving the most sought after online audiences. Today’s announcement brings together two organizations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level.”
There are already some new “meant to be funny” logos popping up, like this one :
I will be happy if they leave the system alone and allow it to flow and grow as it has been so far, plus if they screw with Buzz Out Loud… well then they will have to deal with me. 