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CBS to buy CNET Networks for $1.8 billion

Posted on May 15, 2008

In a marriage between old media and new, CBS has agreed to buy online news site CNET Networks for $1.8 billion in a deal that should end the recent struggle to control the board of CNET.The move comes after CNET s management had come under attack by shareholders for not doing enough to increase its market value.The purchase price is $11.50 a share, a 44 percent premium over Wednesday s closing price of $7.95 a share. CNET stock rose to $11.41 a share after the deal was announced. CBS will be able to make the leap to the Internet with the CNET deal. The combined companies will have 54 milli...

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