CNET: The Computer Network (NASDAQ:CNET) Message Board

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Technology Stocks : CNET: The Computer Network (NASDAQ:CNET)

CNET 1.210

-1.6%

Jan 29 3:15 PM EST

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From: Glenn Petersen	5/15/2008 7:40:31 AM
	of 1133

CNet has agreed to be acquired by CBS for $11.50 per share: Daily Briefing By Colin Barr May 15, 2008, 7:31 am CBS buying CNet in online push CBS (CBS) is making a bigger push on the Internet. The broadcast company said Thursday it would acquire CNet (CNET) for $11.50 a share, or $1.8 billion, in a deal that will make CBS one of the top 10 Internet companies in the U.S. The deal offers CNet shareholders a 44% premium to Wednesday’s closing price and comes as CBS has been struggling to gain traction with investors. “There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNet Networks,” said CEO Les 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.” Not everyone views CNet as a well-managed Internet company. Activist investors led by Jana Partners earlier this week won a court decision giving them the right to proceed with a proxy fight against CNet. Jana has accused CNet of strategic missteps and wants to tighten the company’s strategic focus and double down its efforts at making money. A report Jana issued last month says adopting the fund’s plans could make CNet worth $11 a share, up from the $7 or so the stock was fetching at the time. Going by that math, this deal should make even CNet’s dissidents happy. CNet shares rose 34% in early action Thursday. us.rd.yahoo.com*http://dailybriefing.blogs.fortune.cnn.com/2008/05/15/cbs-buying-cnet-in-online-push/?source=yahoo_quote

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