CBS Completes $1.8 Billion CNET Acquisition

    New interactive business unit formed
    Author:
    Publish date:

    CBS (NYSE:CBS) said this week it completed its $1.8 billion acquisition of CNET Networks and merged the properties into its own interactive division. The new unit comprises all the online properties of the New York-based Eye network and CNET, located in San Francisco.

    The combined assets now make CBS“s the eighth largest Web outfit, with 54 million unique visitors per month, according to May comScore data. It also puts CBS Interactive in the top five of ad-supported premium content sites, and it the second place online entertainment and sports destination among 18-to-24-year-old males.

    CBS Interactive includes five verticals--technology, in the form of CNET.com; entertainment, a la CBS TV shows; sports, professional and NCAA; news and business.

    Quincy Smith, head of CBS Interactive since November, 2006, was named CEO of the new division, and CNET chief Neil Ashe becomes president.

    Related

    Business

    CBS Snags CNet

    “There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNet Networks,” said CBS President and CEO Leslie Moonves.

    News

    Harris Corporation Completes Acquisition of Leitch Technology

    Harris Corporation and Leitch Technology Corporation announced today that Harris has completed its previously announced acquisition of Leitch following approval by Leitch shareholders and Court approval of the transaction. Leitch shareholders approved the acquisition by Harris of all of the outstanding common shares of the Toronto-based company for a cash price of C$14.00 per share. Total cash consideration paid by Harris, net of Leitch’s cash on hand, was approximately US$450 million.