CBS acquiring CNet Networks
Media company CBS has announced that they are now acquiring online media giant CNet Networks.
The deal is worth around $1.8 billion and would be conducted in a cash only transaction.
CBS said that this acquisition would help them expand their presence online.
The deal puts the value of the share of CNet at $11.50 which is a premium of 45 percent over the closing stock price on Wednesday.
CBS’s CEO Leslie Moonves spoke about this deal: “Our idea is to have our content wherever, whenever you can get it, and adding CNet just makes that happen faster.”
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