CBS has noticed the Internet. It is to pay $11.50 a share for CNET, which adds up to nearly $1.8bn, instantly turning it a big player in the tubes. Fortune says that's a 44 percent premium over Wednesday's closing price, which is basically them saying "Damn, this company is run terribly. Grab it!" Here's CEO Les Moonves.
“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNet Networks. CBS stands for premium content and unparalleled reach, and CNet Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience.”CBS shares down, CNET shares up 34 percent in early trading. In the distance, a dog barks. CBS agrees to buy CNET [AP]