Cnet Networks

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.

The Sotheby's art auction house has repeatedly inflated prices by failing to make full disclosures when it has an ownership stake in some of the works it sells, according to a federal suit brought by Halsey Minor, founder of CNet Networks Inc. With the suit filed Wednesday in U.S. District Court in San Francisco, Minor intensified the legal volleying over an abortive auction in May. First, Sotheby's sued him in Manhattan federal court last month...

CNet Networks Inc., which operates a Web site offering news, shopping information and other technology items, said it would cut 10% of its work force. It also warned that its second-quarter sales would be short of forecasts. CNet, which currently has a staff of 1,900, has been hit hard by the high-tech slump and the downturn in online advertising, which is a major source of its revenue.

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.

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.

CNet Networks Inc., publisher of Web-based technology news and reviews, said fourth-quarter profit doubled on higher holiday-season ad sales and said it sold Computer Shopper magazine, a print publication. Net income jumped to $22.9 million, or 14 cents a share, from $9.23 million, or 6 cents, a year earlier, San Francisco-based CNet said. Sales rose 20% to $107.4 million. CNet shares fell 15 cents to $13.85.

Four companies, including Analog Devices Inc. and online publisher Cnet Networks Inc., said they had become subjects of the U.S. government's investigation into the backdating of stock-option grants. Computer chip makers Analog Devices and Power Integrations Inc. said they had received subpoenas from federal prosecutors. Cnet, the online publisher of technology news, and biopharmaceutical company Medarex Inc. said the Securities and Exchange Commission began informal probes.

The Sotheby's art auction house has repeatedly inflated prices by failing to make full disclosures when it has an ownership stake in some of the works it sells, according to a federal suit brought by Halsey Minor, founder of CNet Networks Inc. With the suit filed Wednesday in U.S. District Court in San Francisco, Minor intensified the legal volleying over an abortive auction in May. First, Sotheby's sued him in Manhattan federal court last month...

Google Inc. is refusing to speak with reporters at CNet's online news site after it ran a story that used Google's chief executive to illustrate how easily the company's search engine finds personal information. Google last week told News.com, the online tech news service of CNet Networks Inc., that it would not speak to its reporters for a year, said News.com's editor.

In its biggest and boldest move onto the Web, agreed Thursday to buy the Internet media company CNET Networks Inc. for $1.8 billion in a deal that drew flak from critics for its high price and its daunting management challenges. Flush with cash and hoping to vastly expand its Internet advertising reach in a single stroke, CBS announced that it would pay $11.50 a share in an all-cash tender offer for CNET. That is a 45% premium over Wednesday's closing price and turns CBS into a white knight for CNET, which is embroiled in a proxy fight against a dissident shareholder group.

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.

In its biggest and boldest move onto the Web, agreed Thursday to buy the Internet media company CNET Networks Inc. for $1.8 billion in a deal that drew flak from critics for its high price and its daunting management challenges. Flush with cash and hoping to vastly expand its Internet advertising reach in a single stroke, CBS announced that it would pay $11.50 a share in an all-cash tender offer for CNET. That is a 45% premium over Wednesday's closing price and turns CBS into a white knight for CNET, which is embroiled in a proxy fight against a dissident shareholder group.

The leaders of two technology companies stepped down Wednesday amid the widening scandal over stock option practices, moves analysts said suggested corporate boards were rushing to clean house before potential crackdowns by federal regulators or prosecutors. At McAfee Inc., a Santa Clara, Calif.-based maker of antivirus software, George Samenuk retired as chairman and chief executive, while President Kevin Weiss was fired. At San Francisco-based CNet Networks Inc.

Four companies, including Analog Devices Inc. and online publisher Cnet Networks Inc., said they had become subjects of the U.S. government's investigation into the backdating of stock-option grants. Computer chip makers Analog Devices and Power Integrations Inc. said they had received subpoenas from federal prosecutors. Cnet, the online publisher of technology news, and biopharmaceutical company Medarex Inc. said the Securities and Exchange Commission began informal probes.

CNet Networks Inc., publisher of Web-based technology news and reviews, said fourth-quarter profit doubled on higher holiday-season ad sales and said it sold Computer Shopper magazine, a print publication. Net income jumped to $22.9 million, or 14 cents a share, from $9.23 million, or 6 cents, a year earlier, San Francisco-based CNet said. Sales rose 20% to $107.4 million. CNet shares fell 15 cents to $13.85.

Google Inc. is refusing to speak with reporters at CNet's online news site after it ran a story that used Google's chief executive to illustrate how easily the company's search engine finds personal information. Google last week told News.com, the online tech news service of CNet Networks Inc., that it would not speak to its reporters for a year, said News.com's editor.

HCA-The Healthcare Co., the biggest U.S. hospital chain, said fourth-quarter profit rose 25% as it raised prices for insurers, admitted more patients and held down costs. Profit from operations rose to $198 million, or 35 cents a share, from $159 million, or 28 cents, a year earlier, beating the 34-cent average estimate of analysts surveyed by First Call/Thomson Financial. Revenue rose 5.9% to $4.

Once a rock star in the online music world, MP3.com is leaving the building. The San Diego-based company helped launch the digital-music revolution five years ago by enabling independent artists to offer downloadable songs directly to the public. But after two desultory years under the wing of global media conglomerate Vivendi Universal, MP3.com is about to change owners and stop the downloads. A spokeswoman for CNet Networks Inc.

Once a rock star in the online music world, MP3.com is leaving the building. The San Diego-based company helped launch the digital-music revolution five years ago by enabling independent artists to offer downloadable songs directly to the public. But after two desultory years under the wing of global media conglomerate Vivendi Universal, MP3.com is about to change owners and stop the downloads. A spokeswoman for CNet Networks Inc.

CNet Networks Inc., which operates a Web site offering news, shopping information and other technology items, said it would cut 10% of its work force. It also warned that its second-quarter sales would be short of forecasts. CNet, which currently has a staff of 1,900, has been hit hard by the high-tech slump and the downturn in online advertising, which is a major source of its revenue.