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CBS to acquire CNET Networks for $1.8 billion

CBS Corporation has said it will buy CNET Networks, a US-based interactive media company which owns a number of news and information sites including News.com and Download.com, for $1.8 billion.

Following the acquisition, CNET Networks’ sites will be combined with CBS’s interactive businesses which include CBS.com, CBSSports.com, CBSNews.com, last.fm, CBS Radio and CBS television stations digital media platforms.

CBS Corporation has said it will buy CNET Networks, a US-based interactive media company which owns a number of news and information sites including News.com and Download.com, for $1.8 billion.

Following the acquisition, CNET Networks’ sites will be combined with CBS’s interactive businesses which include CBS.com, CBSSports.com, CBSNews.com, last.fm, CBS Radio and CBS television stations digital media platforms.

“There are very few opportunities to acquire a profitable, growing, well-managed internet company like CNET Networks,” Leslie Moonves, president and chief executive officer, CBS Corporation, has said.

“Together, CBS and CNET Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives,” Leslie Moonves has added.

“We are thrilled to join CBS and combine our interactive media experience with CBS’s world-class content,” Neil Ashe, chief executive officer, CNET Networks, has said. “The announcement brings together two organizations that complement each other.”

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