CBS Corp. this morning announced an agreement to buy CNET Networks Inc., the Internet news and entertainment company, for $11.50 per share or about $1.8-billion in cash.
The deal, expected to be completed in the third quarter, would vault CBS into the top 10 Internet companies in the United States, with a combined 54 million unique visitors monthly, and about 200 million visitors worldwide.
CNET, of San Francisco, owns the news sites CNET and ZDNet as well as GameSpot.com, TV.com, mp3.com, UrbanBaby, CHOW, MySimon and TechRepublic.
The company reported "significant profits" on revenues of $406 million last year, according to this morning's announcement. It has a large international footprint, particularly in China.
"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," Leslie Moonves, CBS president and chief executive officer, said in a statement. "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."
thomas.mulligan@latimes.com
