CBS acquires CNET for $1.8 billion
Hollywood Newsroom is now Buzz Newsroom! Visit and bookmark our new site. Buzz is bigger and better, including sports, world news, gadgets and the entertainment news that you're used to. Same staff, just more stuff! Why Fark, Drudge and Huffington when you can Buzz!?CBS is paying $1.8 billion in cash for CNET Networks, a SanFran Web conglom that branched out from its tech-review roots to control popular sites like UrbanBaby, TV.com and mp3.com.
Execs say the deal will enhance the strategy of CBS Interactive, which has been using tools like streaming Final Four basketball games and clips from prime-time shows to gain traction online. By 2010 or 2011, the company says, revenue from the unit should pass $1 billion.
The deal gives CBS a combined 54 million unique users per month in the U.S. (ranking it among the top 10 companies), and some 200 million worldwide.
“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks,” said CBS chief Leslie Moonves. “CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience.”
- From Variety