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Weekly News Digest

May 19, 2008 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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CBS Corp. to Acquire CNET Networks, Inc.

CBS Corp. (www.cbscorporation.com) has entered into an agreement to acquire CNET Networks, Inc. (www.cnet.com). Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion. The companies say the acquisition will make CBS one of the 10 most popular internet companies in the U.S., with a combined 54 million unique users per month and approximately 200 million users worldwide.

Based in San Francisco, CNET Networks owns many entertainment, news, and information sites including CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon, and TechRepublic. The company, which reported significant profits in 2007 on revenues of $406 million, has a large international footprint, particularly in China.

Upon closing, CNET Networks’ sites will be combined with CBS’s stable of interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS Audience Network, which is made up of more than 300 partner websites and is said to reach 82% of all online users in the U.S.

The board of directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares. The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.

Source: CBS Corp.



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