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  • Author unknown

    Billion dollar buyout: CBS saves CNet from activist investors

    http://wallstreetwonderland.blogspot.com/2008/05/billion-dol...
    71 days ago in Wall Street Wonderland · Authority: 1

    CBS is buying CNet Networks - the web publisher behind ZDNet, gamespot.com, tv.com, mp3.com, news.com and techrepublic. These sites will now be combined with CBS's websites. CBS is paying $1.8bn for CNet - a 44 per cent premium on its share price. The combined properties will have 54 million unique users per month in the US and 200 million worldwide. Quincy Smith, president of CBS Interactive, said: "The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content". He said the deal would allow the two companies to "build new verticals" as well as grow their existing businesses. The deal is good news for CNet which has been under pressure from shareholders. In January two institutional investors were pushing to get extra people on the board of directors to reverse CNet's falling share price which has been on the slide since January 2006. CBS has also been criticised for "not getting the net" - its early stategy of driving viewers to one site - CBS.com - were abandoned for a more shotgun approach. CBS did a round of deals with various web publishers including AOL, Bebo, Comcast, Joost and CNet in 2007 to get its shows distributed more widely online. CBS also bought London based music site last.fm for $280m in 2007. CNet's board has unanimously approved the offer and recomends CNet shareholders do the same. It is expected to close in the third quarter. http://www.theregister.co.uk/2008/05/15/cbs_buys_cnet/

  • Author unknown

    BREAKING: CBS Acquiring CNET For $1.8 Billion; 44.6 Percent Premium

    http://arcelay.vox.com/library/post/breaking-cbs-acquiring-c...
    71 days ago in Atlanta iPhone Blog - Vox · Authority: 25

    BREAKING: CBS Acquiring CNET For $1.8 Billion; 44.6 Percent Premium  —  CBS (NYSE: CBS) is acquiring CNET (NSDQ: CNET) for $1.8 billion in cash.  The purchase price comes to $11.50 per share, representing a 44.6 percent premium over last night's closing price of $7.95. Link Search: Ask, Technorati, Sphere, Google, and IceRocket + Discussion: Los Angeles Times, The Register, eWeek, Profy.Com, Digital Daily, Andy Beal's Marketing Pilgrim, CenterNetworks, WebProNews, HipMojo.com, Valleywag, dailywireless.org, BoomTown and AppScout – Discussion: Thomas S. Mulligan / Los Angeles Times:   CBS agrees to buy CNET for $1.8 billionJohn Oates / The Register:   CBS saves CNet from activist investorsFranklin Paul / eWeek:   CBS to Buy Web Publisher CNET for $1.8BCyndy Aleo-Carreira / Profy.Com:   It's Corporate Mash-Up Week! CBS to Acquire CNETJohn Paczkowski / Digital Daily:   CBS: Now Broadcasting in Web 1.0Andy Beal / Andy Beal's Marketing Pilgrim:   CNET Acquired for $1.5B; Offers 45% Premium to Keep Dissenting Investors HappyAllen Stern / CenterNetworks:   Breaking: CBS to Acquire CNET for $1.8 BillionDoug Caverly / WebProNews:   CBS Acquiring CNET For $1.8 BillionAshkan Karbasfrooshan / HipMojo.com:   CBS Buys CNET - Did I Call It or What?Nicholas Carlson / Valleywag:   CBS buys CNET Networks for $1.8 BillionSam Churchill / dailywireless.org:   CBS has agreed to acquire CNET Networks in a deal valued … Kara Swisher / BoomTown:   CNET and Jana: The Battle Drags OnBrian Heater / AppScout:   CBS Buys CNET» All Related Discussion« Hide All Related Discussion RELATED: PR Newswire: CBS Corporation To Acquire CNET Networks, Inc.  —  CBS to Become a Top Ten U.S. Internet Company with Unparalleled Content and Reach, Boasting Approximately 200 Million Monthly Unique Users Worldwide  —  CNET Networks' CNET, ZDNet, GameSpot.com, TV.com, CNET News, UrbanBaby, BNET … Link Search: Ask, Technorati, Sphere, Google, and IceRocket + Discussion: GigaOM, VentureBeat, Bits, TechCrunch, DealBook, Tech Trader Daily, Associated Press, Associated Press, The Inquisitr, HipMojo.com, Ed Bott's Windows Expertise, 901am, Brian Alvey, The Blogging Times and WebProNews – Discussion: Om Malik / GigaOM:   Why Buying CNet Makes Sense for CBSDean Takahashi / VentureBeat:   CBS to buy CNET Networks for $1.8 billionSaul Hansell / Bits:   CNet's Allure for CBS: Both Are LaggardsMichael Arrington / TechCrunch:   Breaking: CBS To Acquire CNET For $1.8 BillionPeter Edmonston / DealBook:   CBS to Pay $1.8 Billion for CNET NetworksEric Savitz / Tech Trader Daily:   CBS To Buy CNET For $11.50 A ShareAssociated Press:   CBS in $1.75B deal for online news site CNetJeremy Herron / Associated Press:   CBS in $1.8B deal for online news, info site CNetDuncan Riley / The Inquisitr:   CBS Acquires CNET for $1.8 BillionAshkan Karbasfrooshan / HipMojo.com:   News Corp./CBS M&A Parallel EerieEd Bott / Ed Bott's Windows Expertise:   Hey, I work for CBS now!Dennis Bouchand / 901am:   CBS Corp. to acquire CNET Networks for $1.8 billionBrian Alvey:   CBS acquires CNET, wowDominic Rivera / The Blogging Times:   CBS Acquires CNET for $1.8 Billion; Jana Partners SilencedDavid A. Utter / WebProNews:   CBS Mobilizes A LonelyGirl Peter Kafka / Silicon Alley Insider: CBS Buying CNET For $1.8 Billion; CBS Predicts $1 Billion Interactive Revenues By 2010  —  CBS will pay $11.50 a share for CNET.  The all-cash deal represents a premium of 44% above the $7.95 CNET closed at yesterday.  Will it be enough to satisfy JANA et al? Link Search: Ask, Technorati, Sphere, Google, and IceRocket + Discussion: paidContent.org, HipMojo.com, The Boy Genius Report, MarketingVOX, Smalltalk Tidbits …, innonate and Tech Ticker – Discussion: Joseph Weisenthal / paidContent.org:   CBS-CNET Call: $1 Billion CBSI Revs In 2010-2011; Mid-Teen Revenue GrowthAshkan Karbasfrooshan / HipMojo.com:   CBS is the New News Corp.Zach Epstein / The Boy Genius Report:   CBS to Acquire CNET for $1.8 BillionMarketingVOX:   CBS Acquires CNET, Subsidiary Taken By SurpriseJames A. Robertson / Smalltalk Tidbits, Industry Rants:   CBS Buys CNetNate Westheimer / innonate:   Arrington's Dream DeferredAaron Task / Tech Ticker:   CBS to Buy CNET: Activists Get Big Premium, Not Web-Savvy Management Margaret Kane / CNET News.com: CBS to buy CNET Networks  —  CBS has agreed to acquire CNET Networks in a deal valued at $1.8 billion, the companies said Thursday.  —  The purchase price comes to $11.50 per share, representing a 44 percent premium over Wednesday's closing price of $7.95. Link Search: Ask, Technorati, Sphere, Google, and IceRocket + Discussion: Download Squad, MediaFile, paidContent.org, Screenwerk, SEO and Tech Daily, My Blog Posts, Windows Connected, jkOnTheRun and Mobility Site – Discussion: Brad Linder / Download Squad:   How I met your Download.com: CBS buys CNETKenneth Li / MediaFile:   Icahn to Yahoo: We've lost faithStaci D. Kramer / paidContent.org:   CBS-CNET: CBS Will Own TV.com, Radio.com, MP3.com and News.comGreg Sterling / Screenwerk:   CNET Bought by CBS for $1.8 BillionCharlie Anzman / SEO and Tech Daily:   Breaking: CNET up 40% on CBS NewsMy Blog Posts:   CBS acquires CNET - Acquisition to complete by third quarter of 2008Josh Phillips / Windows Connected:   CBS Buys CNET for 1.8 BillionJames Kendrick / jkOnTheRun:   CBS buying CNETChris Leckness / Mobility Site:   Mainstream Media + Online Media = CBS Staci D. Kramer / paidContent.org:   CBS-CNET: Interview: Leslie Moonves, CEO, CBS: 'Right Opportunity … NEW! Link Search: Ask, Technorati, Sphere, Google, and IceRocket Larry Dignan / Between the Lines:   We've been acquired: CBS buys CNET Link Search: Ask, Technorati, Sphere, Google, and IceRocket Allen Stern / CenterNetworks:   Live Reporting: CBS/CNET Acquisition Call