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CBS buys CNET for $1.8bn
Combined sites will reach 82 per cent of all US web users
Shaun Nichols in California, vnunet.com16 May 2008
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US broadcasting corporation CBS has agreed to purchase web publisher CNET
Networks for $1.8bn.
The deal will make CBS one of the top 10 web publishers in the world, giving
the company a total of 54 million unique visitors per month. The company
estimates that its sites will reach 82 per cent of all US web users.
In addition to its CNET and News.com sites, CNET also runs gaming site
GameSpot, music site MP3.com and shopping site MySimon. Other sites in the
company's network include TechRepublic, Download.com and UrbanBaby.
On closure of the deal, CBS plans to integrate CNET's network of sites into
its existing internet operations under the CBS Interactive brand.
"The core businesses of CNET Networks and CBS Interactive represent near
perfect category symmetry in premium online content," said Quincy Smith,
president of CBS Interactive.
"Together we will have a terrific opportunity to grow our established
businesses and build new attractive verticals of content. This is the beginning
of an era for CBS and CNET Networks.
CBS expects the deal to be finalised by the autumn.
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