CBS to Acquire CNET

CBS has announced its plan to acquire interactive media CNET for $1.6 billion or for $11.50 per share.

CNET Chief Executive Officer, Neil Ashe while announcing this decision, stated, “We are thrilled to join CBS and combine our interactive media experience with CBS’s world-class content. We look forward to taking our business and our brands to the next level.”

CBS and CNET own multiple sites and both the companies have been experiencing poor performance in the recent months. CBS which also owns last.fm and Wallstrip have a fairly low online presense.

CNET provides tech product reviews, daily videos, tech news, and free downloads. CNET also has a podcasts galore. It provides a huge database of MP3 players, hot cell phones, top digital cameras, fast computers, and other innovative gadgets. CNET’s reviews, tech advice, and gadget blogs have all the bases covered.

Critics consider this as not a right move by CBS as CNET has been performing badly and its internet presence has seen a steady decline for the last 27 months.

As a result of this deal, CBS stock per-market trading has risen by 0.11 percent and CNET shares have increased to 42 percent.