CBS announced Monday it completed its $1.8 billion acquisition of CNET Networks, publisher of many Web sites including CNET News.com, setting the stage for expanding its CBS Interactive division into five categories.
Under the acquisition, CBS Interactive will include such categories as technology, entertainment, sports, news, and business. The division will be headed up by Quincy Smith, former CBS Interactive president, who will now serve as its CEO. Neil Ashe, former CNET Networks CEO, will become president of the business unit.
CBS Interactive's technology category will include CNET.com, CNET Reviews, Download.com, and others. The entertainment category will include TV.com, GameSpot.com, Chow.com, CBS.com, TheInsider.com, Last.fm, and the CBS Audience Network, while the sports category will include CBSSports.com, CBSCollegeSports.com, and NCAA.com.
CBS Interactive will also incorporate the news category, serving as home to CNET News.com, for technology news, and CBSNews.com, which features global news and current events. The business division will operate BNET.com, as the anchor to its business-related content, as well as ZDNet and TechRepublic, which serve readers who use tend to use technology for large corporations.
Jana Partners, the hedge fund trying to take control of the board of online-media company CNET Networks, publisher of News.com, on Thursday said a court ruled that the investors have a right to nominate seven directors to the company's board and to propose expansion of the board by five members.
CNET in January said the efforts of a group of activist investors led by Jana, to nominate two directors to the company's board and expand it to 13 seats, were improper under CNET's bylaws.
Jana partnered with Sandell Asset Management, Paul Gardi of Alex Interactive Media, Spark Capital, and Velocity Interactive Group to seek changes at the company.
Jana took the matter to the Delaware Court of Chancery, challenging CNET's interpretation of its bylaws. CNET said it is reviewing the court's written opinion and considering an appeal.
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