RealTime IT News

CNET Acquires mySimon

Internet publisher CNET Inc. Thursday acquired comparison shopping service mySimon for $700 million.

CNET (CNET) will issue approximately 11.3 million shares of its common stock for all outstanding mySimon shares.

In conjunction with the acquisition, CNET plans to change its name to CNET Networks Inc. to reflect the company's expansion of additional brands under the CNET Networks banner. CNET.com will continue to be focused on computers and technology and mySimon will maintain its own brand, management team and staff.

The acquisition of mySimon enables CNET to expand its leading content model into 250 categories. CNET said it currently generates nearly 200,000 leads per day to 150 merchant partners.

According to Nielsen//NetRatings, during the online holiday shopping season, comparison shopping sites experienced tremendous growth in traffic between the months of November and December.

"Commerce enablers are bound to be one of the Web's hottest sectors this year," Allen Weiner, vice president, analytical services at NetRatings, Inc.

"The marriage of CNET and mySimon comes directly on the heels of the 1999 holiday e-commerce season when we saw the emergence of commerce enablers as important drivers to all sectors of e-commerce."