Media titan CBS made a major push into the Internet world on Thursday, announcing that it was acquiring CNET Networks, owner of numerous entertainment and information Web sites.
CNET Networks (nasdaq: CNET - news - people ) soared 42.4%, or $3.37, to $11.32 in premarket trading in New York, after CBS announced it was buying the company for $11.50 a share, or $1.8 billion. CBS (nyse: CBS - news - people ) fell 0.6%, to $24.68, in Thursday premarket trading in New York.
The deal values CNET at a 44.6% premium to Wednesday's closing price of $7.95. CBS said that the deal would catapult it into the ranks of the 10 most popular Internet companies in the United States, with around 200 million users worldwide.
"There are very few opportunities to acquire a profitable, growing, well-managed internet company like CNET Networks," said CBS Chief Executive Leslie Moonves.
CNET acquired by CBS for $1.8 billion
Posted on Thursday, May 15 2008 @ 21:30 CEST by Thomas De Maesschalck
CBS today announced the acquisition of CNET Networks for $1.8 billion: