CBS to buy GameSpot, rest of CNet for $1.8b

by James Ransom-Wiley { May 15th 2008 at 10:44AM }

CBS will pay $1.8 billion in cash to become the proud parent of CNet and its spawn GameSpot in a deal that's expected to close in the third quarter pending shareholder and regulatory approval. The acquisition values the company at $11.50 per share, a 45% premium over CNet's closing stock price on Wednesday, reports the Associated Press. Sheesh! Well, CBS, ~~you've just been robbed~~ "welcome to the internets" ... but as The Washington Post puts it, you've certainly got your work cut out for you not to become known as "CNet Buy Sunk."

Tags: breakingnews, cbs, cnet, gamespot

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Reader Comments (Page 1 of 1)

Donald @ May 15th 2008 10:47AM

Don't be shocked when the next CSI PC game gets a 10.

PojoMofo @ May 15th 2008 10:52AM

yeah, I lol'd

+1 for you good sir!!

Obie @ May 15th 2008 11:10AM

hehe awesome.

Bleu @ May 15th 2008 11:39AM

This could be a good deal if it affected us gamers in any way (which I think it doesn't). But all in all good for THEM I guess. But whats in it for us gamers??

voodoo_craig @ May 15th 2008 2:41PM

If anything Bleu, it means Gamespot will be even worse for gamers, CBS will have to make that money back somehow.

Their credibility is already blown to hell, may as well put out all the 'sponsored' reviews they can.

BananaBoat @ May 15th 2008 11:59PM

That is the reward for blowing all of your credibility; A 45% premium on the price of your stock, that you don't deserve. Kudos to the executives and shareholders that managed to secure this deal, but it's not going to bring any of the "core" (hardcore) gamers back to the website.

Just goes to show you that no matter how many gerstmangates you have, there will always be a way for executives to profit in the end.

PojoMofo @ May 15th 2008 10:48AM

Something tells me that the part with the line through it is closer to the truth. I bet this bites CBS in the @$$

CJC @ May 15th 2008 10:48AM

I look forward to Katie Couric reviewing MGS4.

CharleyTony @ May 15th 2008 10:49AM

havent read gamespot since the gerstmann stuff...
I thought they would be dead by now....
well, being bought by cbs might be even worst I guess...

RudyHuxtable @ May 15th 2008 10:49AM

See, this is great. Now all the money distributors pay in bribes for good reviews can be used to finance a third season of Jericho!

FOXHOUND @ May 15th 2008 10:51AM

CBS... AAAAAAAAAASIANTOWN!

Kizzle @ May 15th 2008 10:52AM

Great, something I don't like being swallowed by something I don't care about. How will I ever go on?

PojoMofo @ May 15th 2008 10:54AM

Just take it one day at a time Kizzle. You, like the rest of us, will find a way to live on.

PojoMofo @ May 15th 2008 10:55AM

Was supposed to be a reply to kizzle, I ALWAYS have to hit reply like 3 times

Kizzle @ May 15th 2008 11:39AM

Thanks.

Hold me?

ScottG13 @ May 15th 2008 11:00AM

I wonder if CBS has any spare marketing people to employ on the editorial side of Gamespot? That's been working out REALLY well for CNet.

Cmo4Ever @ May 15th 2008 11:03AM

You know, I don't care about Gamespot, since November I havn't been there more than twice. BUT, what about Gamefaqs? That's a site I don't want to see anything too major happen to.

Tone @ May 15th 2008 11:10AM

Well now only Ziff/1up needs to be bought and then all 3 big gaming websites will have been bought by major networks.

Squirrel3D @ May 15th 2008 2:44PM

I get a feeling we'll see a price is right game in the works....

giantenemycrab @ May 15th 2008 11:30AM

Goodbye Gamespot. You were on your deathbed, but I'm afraid you just flat lined. Oh well, you've been dead to me for a while. It's sad though, you used to be one of my favorite websites.

Doupi @ May 15th 2008 11:36AM

- One CNET please.
- That will be 1.8b$, sir!
- Here you go.
- Thank you for shopping with us!

343 Guilty Fart @ May 15th 2008 12:19PM

Seriously, they paid in cash?? Oh, here's a couple One Billion Dollar notes I've had sitting in my wallet...

A Reader @ May 15th 2008 11:38AM

CBS is probably a lot more interested in the news.com and tv.com domains that are a part of this deal than Gamespot. In perspective, it's not that ridiculous a purchase.

Poisoned Al @ May 15th 2008 12:32PM

A year ago, I might have cared. It's isn't like CBS could make Gamespot any worse now. Not without sending biological waste to you in the mail every time you close a pop-up ad.

LAWL @ May 15th 2008 12:40PM

These is sad thing,Gamespot was amazing before,it had great reviews features and a charming personality for a games site,but it has gone downhill,the Gerstman incident just worsened it,and these is the killing blow.

LeadBoxx @ May 15th 2008 12:58PM

Why would they pay in cash? Do they get some kind of discount? I never use or have cash and it really pisses me off when I can't get a candy bar out of the damn vending machine (although I guess it saves me from being a giant fat ass). When are vending machines going to join this century and start taking my goddamn debit card!