CBS Corp. has purchased CNet Networks, Inc. for $1.8 billion USD.
At $11.50 a share the offer includes a very large premium of 45%, possibly to keep CNet shareholders happy.
“Our idea is to have our content wherever, whenever you can get it, and adding CNet just makes that happen faster,” Moonves said.
The purchase is an attempt by CBS to become more prominent on the internet and create new release channels for their large content network.
Stocks reacted differently to the news. CBS stock dipped while CNet shot up in value after the announcement.
If you liked my post, feel free to subscribe to my rss feeds
