CBS Acquiring CNET For $1.8 Billion (44.6 Percent Premium)
CBS is acquiring CNET for $1.8 billion in cash. The purchase price comes to $11.50 per share, representing a 44.6 percent premium over last night’s closing price of $7.95. This is that big acquisition we’ve been waiting for from Quincy Smith’s CBS Interactive — it appears that this represents a nice profit for them. The deal was approved unanimously by the CNET board and is expected to close in Q3. Release.
CNET's influence may be declining, and as far as finances go, the company's 27-month slide can't be ignored. Also, $1.8 billion is a lot of money, so CBS could have explored numerous alternatives.
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