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CBS Completes Acquisition of CNET

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Jun 30, 2008 4:24 pm US/Central

CBS Completes Acquisition of CNET

NEW YORK (CBS) ― CBS Corp. announced Monday it has completed its acquisition of CNET Networks Inc., making CBS the eighth largest Web network worldwide in unique monthly users.

After the $1.8 billion deal acquisition of CNET, CBS Interactive will include such categories as technology, entertainment, sports, news, and business. The division will be headed up by Quincy Smith, former CBS Interactive president, who will now serve as its CEO. Neil Ashe, former CNET Networks CEO, will become president of the business unit.

CNET is known for technology reviews, news and advice but has also expanded into entertainment areas with a stable of sites that includes ZDNet, GameSpot.com, TV.com, mp3.com. It also owns the highly valuable Internet domain name News.com.

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