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CBS completes CNet purchase

Business Briefing | MEDIA

July 01, 2008|From Times Wire Services

CBS Corp., the U.S. broadcaster controlled by Sumner Redstone, completed its $1.8-billion acquisition of CNet Networks Inc., becoming one of the 10 largest website companies.

CNet, along with existing Internet businesses, will form a new digital division led by Quincy Smith, New York-based CBS said. Chief Executive Leslie Moonves sought CNet, owner of GameSpot.com and TV.com, to add Web businesses that are growing faster than the company's television and radio networks.

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