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CBS Corp. on Thursday unveiled plans to acquire Cnet Networks Inc. for
$1.8 billion, an online media company that has for months been under
fire from activist investors.
Terms of the deal call for CBS to pay $11.50 per share, a premium of nearly 45% to Cnet's Wednesday close of $7.95.
"CBS and Cnet Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives," CBS' president and chief executive Leslie Moonves said in Thursday's statement. Cnet, whose Web sites include GameSpot.com, Chow and UrbanBaby, will be combined with CBS' growing online network, which includes CBS.com, CBSSports.com, last.fm and Wallstrip among other Web properties. Cnet's board has approved the deal and recommended stockholders tender their shares. The transaction is subject to customary closing conditions and expected to close in the third quarter. In January, a group of investors led by Jana Partners LLC revealed a significant stake in the restructuring online media company and plans to offer a slate of board directors including Santo Politi, a founder of Boston-based media and technology-focused VC firm Spark Capital, and Paul Gardi of Alex Interactive Media. Gardi created the underlying infrastructure for IAC/InterActiveCorp's Ask Jeeves. - Carolyn Murphy See full story on TheDeal.com See Jana wants a crack at Cnet See Jana's white paper: 38 pages of Cnet's troubles and how to fix them Categories Deal Video
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