CBS to pay $1.8 bn for CNET Networks

Network splashed out on massive internet audience

CNET

CBS had agreed to buy CNET Networks and its raft of sites in a deal valued at $1.8 billion ($900 million) the companies have confirmed.

The deal, which includes internet sites CNET, ZDNet, Gamespot. Mp3.com and CNET News.com, saw CBS pay $11.50 a share – a significant premium on the $7.50 share price on Wednesday.

The deal brings CBS a huge platform of internet users catapulting them into the top 10 in the US – and giving them access to an audience of some 200 million. The company already owns social music site Last.fm.

Third quarter

The deal has apparently been ‘unilaterally agreed by CNET’s board’ according to the company’s news site and will be completed in the third quarter.

CBS is one of the biggest television and radio networks in the US, where it is responsible for the likes of CSI and NCIS.

CNet Networks does have UK presence, but no announcement has been made as to how this deal will affect it.