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CBS [CBS
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]is planning to buy C-NET for nearly $2 billion. Can it help right the course at CBS which is down more than 30% in the last nine months?
CBS said it is buying media firm CNET for $11.50 a share, a move that will make the broadcaster one of the top 10 Internet companies in the United States.
Once the purchase is completed, expected in the third quarter, CBS's digital properties will be home to 54 million unique monthly users in the United States and about 200 million users worldwide, the companies said.
CEO Les Moonves said the acquisition would help it accelerate growth within its own portfolio of sites, such as CBSSports.com and CBSNews.com, as well as give it the ability to create new Internet destinations.
The price paid is receiving tremendous criticism on the Street, explains Guy Adami on CNBC’s “Closing Bell”. It seems to me they could have gotten CNET for less than a 45% premium.
How would you trade it?
CBS is getting toward a valuation basis where it becomes compelling, Adami adds. But not yet. If you want to play media, Disney [DIS
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] is probably the best media trade out there.
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