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Business Briefing / INTERNET

CBS buys 78% of CNet Networks

June 24, 2008|From Times Wire Services

CBS Corp., the broadcaster controlled by billionaire Sumner Redstone, acquired about 78% of CNet Networks Inc. through a tender offer after the companies agreed to a $1.8-billion takeover in May.

About 119.2 million CNet shares were tendered as of Friday, CBS said. The firm will acquire CNet's remaining shares through an offer expiring at midnight Wednesday.

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