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 5/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/top5
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Thursday, May 15, 2008 --- 71 days ago http://www.portfolio.com/news-markets/top-5/2008/05/15/CBS-Acquires-CNET?rss=tru
| When CBS appointed Quincy Smith as its new interactive chief in November 2006, CBS chief executive Les Moonves said the network didn't plan to make big acquisitions. "We are not going to spend $1.6 billion on YouTube," he said . No, as it turns out, he's going to spend $1.8 billion on CNET Networks . CBS agreed to pay $11.50 per share for CNET, an online technology information network that also owns properties such as TV.com, Urbandaddy, Chow, and Search.com. The offer represents a 44 percent premium above CNET's closing price yesterday. With the deal, CBS says it will triple its interactive footprint and will become one of the top 10 biggest internet properties. By combining CNET with its CBS Interactive unit, Moonves predicts that CBS can generate as much as $1 billion in online revenue by 2010. While that all sounds very promising, CBS is acquiring a very troubled business. When Moonves said in 2006 that he expected Smith to find "the next YouTube" for CBS to acquire, no one could have guessed that he meant CNET. CNET, which was one of the first internet content companies to go public during the mid-1990s, has experienced slowing growth in recent years as competition for advertising dollars has increased. More recently, the company has been fighting dissident shareholders led by the hedge fund Jana Partners, which owns 10 percent of the outstanding shares. Jana has criticized CNET's management for failing ... |
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