CBS buying CNet for $1.8 billion

CBS announced plans today to buy CNET for $1.8 billion in a deal that would combine an old-school television network with one of the Internet's pioneers.

The deal would instantly give CBS a top 10 presence on the Internet. At the same time, it likely will help CNET appease shareholders who have pressed for changes amid frustrations about the company's stock performance and business execution.

"There are very few opportunities to acquire a company like CNET Networks," said CBS CEO Leslie Moonves in a statement. "CNET will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience."

"We're thrilled to join CBS and combine our interactive media experience with CBS's world-class content," CNET CEO Neil Ashe added in the statement.

Under the deal, which CNET's board has approved, CBS will pay $11.50 a share for the San Francisco-based online media company. That represents a 45 percent premium to CNET's closing price on Wednesday of $7.95 a share.

http://origin.mercurynews.com/business/ci_9267469

At Least CBS is one a few of the leading US Broadcaster is thinking forward when it comes to integrating their old world broadcasting properties with Today's online Internet metaverse.