CBS will be offering to buy C|NET Networks Inc for $11.50 per share.
Cnet Networks, founded in 1992, owns many sites including Cnet, ZDNet, Cnet news.com GameSpot, TV.com, UrbanBaby, Chow, Search.com and MySimon. CBS, based in New York, will combine Cnet's sites with its own, which include CBS.com, CBSSports.com and CBS Radio upon the deal's closing, which is expected in the third quarter.
CBS CEO Les Moonves said in a conference call with analysts that Cnet offers his company a platform to boost existing interactive businesses as well as launch new ones. He said it will also increase online advertising and international opportunities, particularly in China.
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