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When CBS appointed Quincy Smith as its new interactive chief in November 2006, CBS chief executive Leslie Moonves said the network didn’t plan to make big acquisitions. “We are not going to spend $1.6 billion on YouTube,” he said.
No, as it turns out, he’s going to spend $1.8 billion on CNET Networks.
CBS agreed to pay $11.50 per share for CNET, an online technology information network that also owns properties such as TV.com, Urbandaddy, Chow, and Search.com. The offer represents a 44 percent premium above CNET’s closing price yesterday.
With the deal, CBS says it will triple its interactive footprint and will become one of the top 10 biggest internet properties. By combining CNET with its CBS Interactive unit, Moonves predicts that CBS […]
Original post by Megan Barnett, Portfolio.com
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