CBS to Acquire CNET For $1.8 Billion
Posted on May 15, 2008
CNET and its array of Internet properties have been acquired by CBS in a $1.8 billion acquisition. GigaOm says the deal is expected to close in Q3.
CBS CEO Les Moonves says in the press statement, "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. Together, 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. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success."
CNET has a lot of blogs and websites with a considerable amount of traffic. CBS should be able to use these blogs and websites to help drive traffic to other CBS properties.
ReadWriteWeb calls CNET the "the granddaddy of all the blog networks on the web." They run a number of well-known blogs including Webware, The Iconoclast, The Social and Crave.