CBS to buy GameSpot, rest of CNet for $1.8b
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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."
Reader Comments (33)
Posted: May 15th 2008 10:47AM DonaldMick said
Don't be shocked when the next CSI PC game gets a 10.
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Posted: May 15th 2008 11:39AM Streeks1984 said
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??
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Posted: May 15th 2008 2:41PM (Unverified) said
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.
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Their credibility is already blown to hell, may as well put out all the 'sponsored' reviews they can.
Posted: May 15th 2008 11:59PM BananaBoat said
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.
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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.
Posted: May 15th 2008 10:48AM (Unverified) said
I look forward to Katie Couric reviewing MGS4.
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Posted: May 15th 2008 10:49AM charleytony said
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...
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I thought they would be dead by now....
well, being bought by cbs might be even worst I guess...
Posted: May 15th 2008 10:49AM RudyHuxtable said
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!
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Posted: May 15th 2008 11:03AM (Unverified) said
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.
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Posted: May 15th 2008 11:10AM (Unverified) said
Well now only Ziff/1up needs to be bought and then all 3 big gaming websites will have been bought by major networks.
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Posted: May 15th 2008 2:44PM (Unverified) said
I get a feeling we'll see a price is right game in the works....
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Posted: May 15th 2008 11:30AM Giantenemycrab said
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.
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Posted: May 15th 2008 11:36AM (Unverified) said
- One CNET please.
- That will be 1.8b$, sir!
- Here you go.
- Thank you for shopping with us!
Reply
- That will be 1.8b$, sir!
- Here you go.
- Thank you for shopping with us!
Posted: May 15th 2008 12:19PM 343 Guilty Fart said
Seriously, they paid in cash?? Oh, here's a couple One Billion Dollar notes I've had sitting in my wallet...
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Posted: May 15th 2008 11:38AM (Unverified) said
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.
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Posted: May 15th 2008 12:32PM PoisonedAl said
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.
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Posted: May 15th 2008 12:58PM Revving Injuns said
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!
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Posted: May 15th 2008 1:24PM (Unverified) said
Wow, according to the Post, CBS will have to figure out to "monetize the brand." We all know how Gamespot monetizes the brand. "Dear Eidos, please review the advertising rate sheet and let us know which score you choose for your game."
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Posted: May 15th 2008 1:41PM Spunky Monkey 190906 said
First things first CBS, give all games that come out a 10 and only say whats positive about them :)
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