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RealTime IT News

CBS to Buy CNET Networks

NEW YORK -- CBS (NYSE: CBS) said on Thursday it would buy web media company CNET Networks (NASDAQ: CNET) For about $1.8 billion, in a deal that would broaden the television broadcaster's reach across the Internet.

When the deal, worth $11.50 a share, is completed, CBS will have 54 million unique users per month, CBS said.

"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," the companies said in a statement.

CNET's many Internet's sites including ZDNet, GameSpot.com, TV.com, and MySimon. The company posted $406 million in revenue in 2007.



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