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CBS to buy CNET for $1.8 billion

May 16, 2008 by Veronica Villafañe

In a move to become a major player in online advertising, CBS has agreed to buy CNET networks for $1.8 billion in cash.

That’s an awful lot of money for a company that just weeks ago cried money troubles, laying-off hundreds of employees from their news departments nation-wide.

According to AdWeek, the deal would add to the company a series of highly trafficked Web properties, including the tech-focused News.com and ZDNet, gaming site GameSpot and music destination mp3.com. CBS said that combining those assets with its existing Internet properties, would put the company among the top 10 U.S. Web firms with 54 million monthly users.

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Filed Under: TV & Radio

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Currently a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

Hispanic media and entertainment contributor to Forbes.

Full bio here

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