CBS saves CNet for $1.75-billion

CBS Corp. is buying online technology news and entertainment company CNet Networks Inc. for about $1.75-billion (U.S.), potentially saving the company from further losses in the market. One of CNet’s largest shareholder has been agitating for a shake-up at the company after its shares fell sharply in the past year. CNet’s Web sites include News.com, TV.com, Mp3.com, MySimon and GameSpot.

The CBS said acquisition will boost their online presence and allow it to tap the growing on-line advertising market.

CBS has offered $11.50 per share for CNet, which represents a 45 per cent premium above CNet’s closing price of $7.95 on Wednesday.

CNET shares soared more than 41 per cent, or $3.30, to $11.25 in premarket trading.

Support Our Sponsors