It's big news, people: CBS just announced that they have secured an agreement to purchase CNET for 1.8 billion dollars. Fancy! It comes with more than fries and a soda, though -- in a great example of bang for your buck, CBS gets all sites that fall under the CNET umbrella, including News.com, UrbanBaby, Search.com, BNET, MySimon, CHOW, TechRepublic and -- you guessed it -- Gamespot.
NEW YORK and SAN FRANCISCO, May 15 /PRNewswire-FirstCall/ — CBS Corporation (NYSE: CBS.A and CBS) has entered into an agreement to acquire CNET Networks, Inc. (Nasdaq: CNET), it was announced today by Leslie Moonves, President and Chief Executive Officer, CBS Corporation. Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion. The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and approximately 200 million users worldwide. "There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said 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. Together, 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. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success."
Based in San Francisco, CNET Networks owns many of the Internet's leading entertainment, news and information sites including CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company, which reported significant profits in 2007 on revenues of $406 million, has a large international footprint, particularly in China.
Upon closing, CNET Networks' sites will be combined with CBS's stable of dynamic and growing interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS Audience Network, which is made up of more than 300 partner Web sites and reaches 82% of all online users in the United States.
"The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content," said Quincy Smith, President, CBS Interactive. "Together we will have a terrific opportunity to not only grow our established businesses, but to build new attractive verticals of content as well. This is the beginning of an era for both CBS and CNET Networks; plus, it's going to be great to work with Neil and his team, many of whom I have known for many years."
"We're thrilled to join CBS and combine our interactive media experience with CBS's world-class content," said Neil Ashe, Chief Executive Officer, CNET Networks, Inc. "CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences. Today's announcement brings together two organizations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level."
"We look forward to completing the acquisition of CNET Networks and the terrific benefits it brings to CBS as Quincy, Neil and their combined teams build upon our success," Moonves concluded. "At the same time our strong cash flow allows us to pay among the highest dividends in the industry, and we are committed to continue to pay our attractive dividend to return value to shareholders."
The Board of Directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares.
The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.
Contest:
12:58 PM on 05.15.2008
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LOL.
I thought Cashwh0re had been living since Dtoid sold their soul to Deca Sports... Hehehe.
Wait, what site am I on?
shit...
I just hope GameSpot stays away from the tv...
I hope this doesn't impact the fine editors and video producers at Gamespot. Lord knows they don't need to spend MORE time fearing for their jobs because of parent company malfeasance.
Our adwhoring pwns their adwhoring.
It worked well for Gamespot.
:(
I understand the need to pay the bills, but it's incredibly hypocritical to continue with the whole "cashwhore" thing.
The skinning of Destructoid and its constant barrage of ad banners illustrate my point. The ModernMethod Network is no less of a for profit venture then the Cnet empire was. It's quickly becoming a case of the pot calling the kettle black.
I love D-toid, I'm just being realistic.
Er, most of that was me shooting my mouth off, I guess, but point being I'm not bothered by the ads.
wow man, what's wrong with profit? How do you run a website without money?
the *cashwhore* thing was about letting your integrity slip for the dollar. Advertising a game from a company that's done at least one awesome thing for the site (You do know Mr. Destructoid appears in BomberMan live, right?) isn't evil. Its good, friendly business.
Besides, what's so bad about DecaSports, really? Looks like they put some effort into it. Does it need more chainsaws?
*sigh* people man. people.
Until you can show me a blog that produces money for its editors without selling ads you need to stfuajpg.
If you want to give us your money to abolish the ads and help pay the site's fees, then go right ahead.
The issue I see is that you are advertising something that you're going to (presumably) review. If the adverts were for Nike shoes, it would be a non-issue, But after Gerstmanngate, and Cashwh0re, while hilarious, had to send up a red flag for somebody.
I don't know, at minimum, it was a very stupid decision, if nothing else. I'm not gonna sit here an question this site's integrity, because I only use Reveiws as guides, and I certainly don't just read just one (unlike pringles), and I also actually read the text... But I mean, seriously, if you step back, look at the situation, and can't see the hipocrisy... Then, quite frankly, that's kind of sad.
Fox (NewsCorp) owns IGN, Gamespy, Fileplanet, TeamXbox, RottenTomatoes
CBS (Viacom) owns GameTrailers/Spike Network, XFire, AddictingGames, & now CNET (GameSpot, MetaCritic, GameRankings)
Dont forget Time-Warner's blog empire (Joytiq, 360/PS3/Wii/DS/PSP Fanboy, Massively, WoW Insider, etc..)
I'm just glad there are some independent sites like Destructoid left.
Please do not put words in my virtual mouth, I never once implied that there was something wrong with maintaining a profit margin.
I believe my words were: "I understand the need to pay the bills."
I make a living by doing marketing for a for-profit corporation. It would be illogical for me to claim that intelligent advertising or even savvy product placement is evil.
I simply feel that Destructoid's use of "Cashwhore" is (as I have already stated) hypocritical.
This is simply my personal opinion, therefore your attempt to flame me is unwarranted.
Are pms working to send to you because I think I have a Tonopop story to send you but for some reason I can't pm you.
WHEN WILL IT END?!?
You block my FLAMEATTACK, but how about DISCUSSION BARRAGE! OOOO! Come down off the flame vs flame mentality, brederan.
What you also said, in follow up of your first statement:
"The ModernMethod Network is no less of a for profit venture then the Cnet empire was"
The way it read to me was that, because there is profit being made, there's not adequate room for D-Toid to satirize the practices of GameSpot in a high and mighty way, because they are equal in their, lets say, cashwhory-ness.
Having your opinion is fine, of course, but it peeves me for someone to draw a parallel between GameSpot (fired a writer for scoring average a game being advertised) and Destructoid (running an ad for a game, which they have not, or yet?, reviewed).
From my PoV, its the white crockpot calling the black kettle black.
Also, cocks.
And I love you.
Think of what Destructoid could do with 1.8 billion dollars! Linde could fund a profession translation of Mother 3 to be released on the VC.
Jim could get a real monacle.
And solid gold plated Hover sharks for everyone!
I sent it and your welcum. (Pun intended, you'll understand when you see the story :) )
Also, @The Bez
Eeew.
I don't mean that to creep anyone out orhit on Colette but the story just fits so well with that word that I found it hard not to use it. All in all, no offense to anyone.
Also, cashwhores.