CBS seals $1.8bn CNET deal

by Tristan O'Carroll Media Week 15-May-08, 15:05

LONDON - CBS Corporation is to acquire online publisher CNET Networks, operator of sites such as TV.com, for $1.8bn.

The deal is CBS’ latest expansion into online – last May it acquired UK-based music platform Last.fm for $280m.

CBS said the CNET acquisition would make it one of the 10 most popular internet companies in the US, with a combined 54 million unique users per month and approximately 200 million users worldwide.

Leslie Moonves, chief executive of CBS, said: “There are very few opportunities to acquire a profitable, growing, well-managed internet company such as CNET Networks.

CNET Networks owns several entertainment, news and information sites, including CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic.

Following the deal, CNET Networks' sites will be combined with CBS's stable of online businesses such as CBS.com, CBSSports.com and Last.fm.