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Computerworld CBS to buy CNET Networks for $1.8 billion
Deal expected to raise unique monthly visitors to CBS Web sites to 200 million
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May 15, 2008 (IDG News Service) CBS Corp. has agreed to pay $1.8 billion in cash for online media company CNET Networks Inc. in a deal that has the backing of both companies' boards.
The acquisition will increase the total of unique monthly visitors to CBS Web sites to around 200 million worldwide, CBS said. CNET online brands include CNET, GameSpot, TV.com, BNET, CHOW, ZDNet and TechRepublic.
CNET was the target of a hostile bid from investment fund Jana Partners LLC in January. Jana, CNET's largest shareholder, sought to nominate two members to the company's board.
The CBS statement announcing the deal described CNET as profitable, but the company had a net loss of $6.1 million on revenue of $91.4 million in the first quarter. That was less than the $9.1 million the company lost in the year-earlier quarter, but the company's operating loss widened from $7.7 million in the first quarter of 2007 to $18 million this year, including restructuring charges of $5.1 million.
For the full year 2007, CNET's net income totaled $176.8 million, including a $184.2 million income tax benefit.
CBS expects to close the deal in the third quarter. Its offer price of $11.50 per CNET share represents a premium of 45% over Wednesday night's closing price of $7.95. CNET shares were trading at $11.33 a half-hour before markets opened this morning.
Reprinted with permission from
IDG.netStory copyright 2008 International Data Group. All rights reserved.
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