Holy crap. People “were” talking about how traditional media would be trying to take over blogs. Well, CNET (CNET) isn’t really a blog but still, this is a sign bloggers must work together so traditional media doesn’t take over the blogsphere. CBS (CBS) is really trying hard though to grab a big share of the online market as they have been really best “offline” in the past.
And that symmetry is apparently worth about $1.8 billion, which is what CBS just agreed to pay for CNET. The deals values CNET at $11.50/share, and puts a 45% premium on stock from their closing price yesterday. CBS, which is worth a little over $16 billion, is down just over 3% on the news as of 7:45 am PST. Silicon Alley Insider was among the first to break the news.
“The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content,”
Quincy Smith, President, CBS Interactive.
Here’s my interpretation of CBS President, “By taking over CNET, we will have more chance to increase our online visibility and take over the blogsphere eventually.” Well, I might be over-reacting but you can enjoy some humor.
