Leslie Moonves, President and CEO of CBS Corporation, announced this morning that CBS will make a cash tender offer for all outstanding shares of CNET Networks (owners of GameSpot) to acquire the company. The acquisition of the shares, valued at $11.50 a piece and equaling $1.8 billion altogether, has already been approved by CNET’s Board of Directors.
“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks,” said Moonves. “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.”
“Together, CBS and CNET Networks will have significant additional exposure to the fastest- growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success.”
Once the deal is done, CBS will own the entire network of CNET web sites, ranging from not only GameSpot, but other popular sites like TV.com, MySimon, CHOW, and TechRepublic.
“We’re thrilled to join CBS and combine our interactive media experience with CBS’s world-class content,” said Neil Ashe, Chief Executive Officer, CNET Networks, Inc. “CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences. Today’s announcement brings together two organizations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level.”
Tags: acquisition, cbs, cnet, gamespot, Industry