CBS Acquires CNET Networks for $1.8 Billion

An anonymous reader writes "According to an announcement made today by Neil Ashe, CEO of CNET Networks, CBS has acquired CNET Networks. "Today, CNET Networks announced that it has been acquired by US media company CBS, in a deal valued at $1.8bn. The agreement represents an important strategic step for both companies and should be completed by the third quarter of 2008." So guess we'll be seeing The Late Show with Dan Ackerman, Molly Wood in Hollywood and CSISpot." If you'd like to read about it someplace other than CNet, Ian Lamont contributes a link to coverage at The Standard. It seems reasonable to ask how much longer they'll let news.com remain an IT-centric site.

news.com domain valuation ...

[xmas2003]

I wonder if there was internal discussions in the buyout about how much the domain news.com was worth as I can certainly see that being attractive to CBS.

Sigh or Yeah?

[failedlogic]

In the early 90's when there wasn't much else on the Internet for download sites, I used to go to Download.com to find shareware for Windows, CNet for product reviews and news. And yeas, there are a bunch of other umbrella sites under CNET. Frankly the only one I ever found of any use is GameFAQs. Over the years, the quality of those sites has decreased. There are many other sites I will chose over the CNet sites. So, I wonder if this is really a wise move for CBS. They've had a great history in journalism and now they've bought a site with not much in-depth or useful information. So this will either mean that the brand will either get worse (if CBS just wanted News.com and doesn't care for CNET or mismanages) or better (CBS will have an impact on the journalistic side and bring more quality material).

Its interesting to see this from another angle. Dan Rather gave a speech (if I recall at Duke ... iTunes U), and he discusses CBS's history and how the company (among others in news reporting) didn't get into the Internet right away. Perhaps this is seen as buying into the Internet experience and (obviously) adding technology reporting to its side. I don't watch MSNBC but I'd have to think that its more or less the same there.

TV.com

[Roblimo]

CNet also owns TV.com -- surely that domain name, too, is of value to CBS.

Re:New name?

[Anonymous Coward]

> "Am I the only one who is actually sad about this?"

Yes.

Pining for the glory days of CNet is like looking back fondly on some of the rockier patches of the Bush administration. Most of CNet and the Ziff-Davis multimedia monstrosity has been like Dvorak on crack for going on a decade now.

I don't care who buys them, as long as it stops the "Should Linux users be shot on sight or is hanging more fair?" headlines. Pity, they probably won't stop.