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CALIFORNIA | TECHNOLOGY | THE STATE

Intel Ups Its Stake in CNET

June 06, 1997|(Bloomberg News)

Intel Corp. will boost its stake in CNET Inc. from 4.5% to 6% with a $5.3-million purchase of CNET stock, giving the online news service more cachet and boosting its shares as much as 20%. Santa Clara-based Intel has been investing in technology that improves video and sound on the Internet as it pushes its new Pentium chips with enhanced multimedia capabilities. San Francisco-based CNET offers online news and television programming about computers and already works with Intel on an entertainment Web site called Mediadome. CNET shares climbed $4 to close at $28.125 on Nasdaq. Intel plans to buy 201,253 shares of CNET for $26.34 each. Intel shares rose 64 cents to close at $143.14, also on Nasdaq. Intel made its first investment in CNET in July, when the company went public at $16 a share.

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