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Latest Satellite News Discussion, New CBS to buy CNET Networks for $1.8bn at General Satellite News forum; CBS to buy CNET Networks for $1.8bn US broadcast network CBS is buying internet publisher CNET Networks in a deal ...

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New CBS to buy CNET Networks for $1.8bn
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New CBS to buy CNET Networks for $1.8bn - 17-May-2008, 14:20

CBS to buy CNET Networks for $1.8bn

US broadcast network CBS is buying internet publisher CNET Networks in a deal worth $1.8bn (925m).

CNET began as a technology news service but now owns a string of websites including ZDNet, GameSpot.com, TV.com and mp3.com.

CBS, which bought the internet radio service Last.fm last year, said that after the CNET acquisition its websites together would receive 200m unique users a month.

Leslie Moonves, CBS chief executive, said: "There are very few opportunities to acquire a profitable, growing, well-managed internet company like CNET Networks.

"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."

The deal has been unanimously approved by CNET's board and will formally be completed later this year.
   
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