CBS has agreed to acquire CNET Networks in a USD11.50 per share takeover deal. The move values CNET at roughly USD1.8bn. Through the deal, CBS aims to expand its existing online properties and increase online ad revenue. The CNET board has unanimously approved the deal and it is expected to close in Q3 of this year.
Through the deal, major US broadcaster CBS takes control of CNET's portfolio of news and information sites. These include CNET.com, ZDNet, GameSpot.com, TV.com, mp3.com, Search.com, TechRepublic and BNET. These will be combined with CBS's sites, which include CBSNews.com, CBSSports.com, high school sports network MaxPreps.com and social music site Last.fm, which it acquired last year for USD280m.
"The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content," says CBS Interactive president, Quincy Smith. "Together we will have a terrific opportunity to not only grow our established businesses, but to build new attractive verticals of content as well."
CBS is a major force in the US radio and TV markets. It claims its online video distribution platform, CBS Audience Network, is used by more than 300 partner sites and reaches 82% of internet users in the US. Meanwhile, San-Francisco based CNET Networks claims to attract 160m people a month to its online media network. The acquisition stands to place CBS within the top 10 internet networks in the US.
StrategyEye has a content partnership deal with CNET's business platform BNET.
StrategyEye's related categories: TV Producers - TV Producers, Games Portals - Download & Casual, Recommendation - Music Recommendation, Print Portals - News Aggregators
StrategyEye's related companies: MP3.com, Gamespot, CBS Corporation, Last.fm, CNET
