CBS To Acquire CNET For $1.8 Billion
“The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content,”
Quincy Smith, President, CBS Interactive.
And that symmetry is apparently worth about $1.8 billion, which is what CBS just agreed to pay for CNET. The deals values CNET at $11.50/share, and puts a 45% premium on stock from their closing price yesterday. CBS, which is worth a little over $16 billion, is down just over 3% on the news as of 7:45 am PST. Silicon Alley Insider was among the first to break the news.
Full story: techcrunch.com
