Business Digest

BUSINESS DIGEST

July 01, 2008|By This column was compiled from dispatches by Bloomberg News

Nation

Acquisitions

CBS Corp. completes deal for Cnet

CBS Corp., the U.S. broadcaster controlled by Sumner Redstone, completed its $1.8 billion acquisition of Cnet Networks Inc., becoming one of the 10 largest Web site companies. Cnet, along with existing Internet businesses, will form a new digital division led by Quincy Smith, New York-based CBS said yesterday. Smith, hired to run CBS Interactive in 2006, reports to Chief Executive Officer Leslie Moonves. Moonves sought Cnet, owner of GameSpot.com and TV.com, to add Web businesses that are growing faster than the company's television and radio networks. Investors have driven shares of CBS down almost 20 percent since the bid was announced May 15 over concern it might limit stock buybacks.

The company had $2.26 billion in cash at the end of the first quarter. The acquisition won't threaten future dividend increases, Moonves, 58, has said.

This column was compiled from dispatches by Bloomberg News.

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