CBS buys CNET $1.8 Billion

May 15th, 2008 | By Startup Addict | Category: Web 2.0 and Beyond

CBS has acquired San Fransisco based CNET for $.1.8 billion. CNET has numerous web properties and enormous traffic from the likes of Gamespot,TV.com, news.com and mp3.com. According to Forbes “The deal values CNET at a 44.6% premium to Wednesday’s closing price of $7.95. CBS said that the deal would catapult it into the ranks of the 10 most popular Internet companies in the United States, with around 200 million users worldwide.”

Pre-CNET purchase numbers indicated CBS lagging in 5th at around 23 Million unique visitors as of the middle of March 2008 according to Adage.

1. TimeWarner 123.8 M
2. Disney 48.1 M
3. NewsCorp 86.6 M
4. NBC Universal 51.5 M
5. CBS 23.6 M

Whether the CNET purchase will truly bring CBS to the number one position time will tell. The CBS Internet acquisition rampage puts some plush holdings under its’ belt:

CBS Audience Network
CBS Local Station Group
CBS Mobile
CBS.com
CBSGames.com
CBSNews.com
CBSRadio.com
CBSSports.com
CSTV.com
The CW (joint venture)
Dotspotter – Click here for previous coverage ($10 Million purchase)
Last.fm – Click here for previous coverage ($280 Million purchase)
MaxPreps Network
Showtime.com
StarTrek.com
The Showbuzz
Wallstrip.com Click here for previous coverage ($5 Million purchase)
CNET.com