Broadcaster CBS has agreed to buy Cnet Networks, the owner of news and information websites, for about $1.8 billion to boost its online audience.
Cnet investors will receive $11.50 a share, or 45 per cent more than yesterday's closing price, the companies said in a statement today.
CBS, based in New York, will combine its news, entertainment and sports websites with Cnet sites including GameSpot.com, TV.com, Chow and Search.com.
The purchase follows a push by Jana Partners LLC, Cnet's largest shareholder, to boost the company's share price.
The activist hedge fund called for a change in strategy as the stock lost about half its value over a two-year period.
The transaction is expected to close in the third quarter, the companies said.
Bloomberg
