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,â€Â
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
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