CBS Corp., playing the white knight in a Web-publishing proxy fight, has agreed to buy CNET Networks Inc., the Internet news and entertainment company, for $11.50 per share, or about $1.8-billion in cash.
The price is a 45% premium over CNET’s $7.95-per-share closing price on Wednesday. CNET, in a joint press release with CBS, said its board unanimously voted to accept the offer.
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 technology-oriented news sites CNET and ZDNet as well as GameSpot.com, TV.com, mp3.com, UrbanBaby, CHOW, MySimon and TechRepublic.
Always a wee bit surprising when rumors and gossip come true.
CBS is getting screwed and they will mess up both of the companies.Remember Time-Warner and AOL.
So does this mean CNET sites like download.com will eventually be fiascos.
Notice that the websites for ABC, NBC and CBS are so “media rich” and sluggish that no one ever visits them except if the Drudge Report has a link to an article.
So much for C-Net. It was good while it lasted.
Cool, does this mean a couple of the arrogant executive editors/podcasters at CNet will get dumped???
I am so looking forward to that!
Well I guess thats it for CNET. You just know CBS will drive them right into the ground. These mergers never work out like they are supposed too. IMHO I’d say its a 60/40 shot that CNET will go into steep decline….To bad really cos I ilke CNET but can’t bear the main sites for CBS, NBC and ABC, along with FOX and a few others. They just suck and most of them are so heavy with useless crap that takes forever to view. Anyway so long CNET its been fun………..
What’s to become of Molly, Maybe she’ll end up on a sitcom with Tom. I Can’t come up with a good title for it though.
C-Net – Now worthless… Damnit!
Oh well, everything good dies.
Silicon Spin as a prime example.
Too bad. And I suppose Extremetech, dl.tv and a slew of other (didn’t use to be) C|Net sites will have problems too.
Ah yes, I remember Comcast and ZDTV, ahem, TechTV. They bought it out and killed it. Sure, it survived a while but when it comes to uber-corporations, nothing good is left standing when they get their hands on it.
Too bad. Still, this might be the one example that defies the trend. Maybe they’ll just demand a part of the profit but also provide them the monetary resources they need to do more stuff. Maybe C|Net will go back on tv with their own show again! Maybe… Aw, who am I kidding.
Good bye C|Net. I’ll watch you go down and blow you a kiss as you sink. I really hope I’m wrong.
Regarding C|NET:
I can recall seeing John C. Dvorak, on C|Net broadcast TV. This was back before ZDTV, and before I heard of Leo Laporte, who was also on ZDTV. TechTV acquired ZDTV. Comcast acquired TechTV.
I was an avid reader of ZDNet.com/Anchordesk, Jessie Burst, and later, David Coursy. All this was before C|Net and ZDNet, joined forces. David Coursy quit Anchordesk; I found the rotating of new lead columnists bad form and quit reading.
Anchordesk on C|Net became an afterthought.
C|Net in general became an afterthought.
John C. Dvorak Cranky Geeks guests include C|Net luminaries Molly Wood, and Tom Merit, which has helped me get hooked on a few C|Net podcasts.
Regarding CBS:
The Big Bang Theory, is the only CBS network show I watch. I liked another show, Jericho, which has been canceled. I have nothing much to say about CBS. Oh yeah, CBS had a guest star, Heather Locklear, on a sitcom that falls on the same night as the one I watch. I caught what I could of her episodes.
Regarding Heather Locklear:
A few years back NBC had a show titled LAX. Heather Locklear’s character’s name was “Harley Random.” If you hadn’t already figured, I am a fan of Heather Locklear.
ABC had a show titled Dynasty, and I bought season one DVD Box set with her on it. Maybe my wife would like watching it while I drive on a vacation trip. I sure had to work to include ABC in this post. All I watch on ABC is NASCAR when the chase is on.
Whew.
John said it best on TWIT when this subject came up he said CBS should take care of their core business. As someone who has worked for CBS in one of their radio properties I have to agree, what a mess their stations are. They have driven radio and TV into the ground spending as little as possible on programming. There is a reason the radio and TV business is not growing. CBS and others are selling ads and that’s all they care about.