CBS Completes CNET Acquisition
$1.8 Billion Deal Creates Web’s Eighth-Largest Property
By Mike Farrell -- Multichannel News, 6/30/2008 7:10:00 AM
CBS Corp. said Monday that it has completed its $1.8 billion acquisition of CNET Networks, merging its operations into a newly expanded CBS Interactive division.
CBS first announced the deal in May.
CBS CEO Les Moonves also announced that CBS Interactive head Quincy Smith was named CEO of the unit and former CNET head Neil Ashe was named president.
In a statement, CBS said the combined assets held within CBS Interactive now make CBS the eighth-largest Web property worldwide in terms of monthly unique users, according to comScore (May 2008). In addition, CBS Interactive becomes a top five premium content advertiser-supported online network, the No. 1 online technology network led by CNET.com and the No. 2 entertainment and sports online network among Men 18-34.
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