CBS Corp. will acquire CNet Networks Inc., a pioneering online provider of technology news and product reviews, for $1.8 billion cash, as the TV broadcasting giant took another step to use the Internet to rev up its growth.
CBS said it would pay $11.50 a share, a 45% premium to where CNet shares traded before the deal was announced. San Francisco-based CNet — target of a months-long pressure campaign by activist investors — operates Web sites including news.com, ZDNet, GameSpot.com, TV.com and mp3.com.
Investors reacted to the news by sending CNet’s stock up $3.46, or 43.5%, to close at $11.41 on heavy volume of 123.7 million shares. CNet’s previous 52-week high of $9.88 was set last May. CBS shares declined 59 cents, or 2.4%, to finish the session at $24.23.
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