CBS Corp. Completes CNET Acquisition

NEW YORK, June 30: With
its takeover of CNET Networks complete, CBS Corporation’s CBS Interactive
becomes the eighth-largest web network worldwide in terms of monthly unique
visitors, with Quincy Smith tapped to lead the merged operation as CEO and Neil
Ashe appointed as president.

CBS Interactive now
incorporates all of the premium online brands of both CBS and CNET Networks
into one business unit. "This marks day one for the new CBS
Interactive," said Leslie Moonves, the president and CEO of CBS
Corporation. "From entertainment, news and sports to technology, games and
business, the combination of CBS and CNET Networks gives us the content and
scale to be leaders on a platform that is gaining audience share faster than
any other. Our unparalleled collection of sites will be an extremely powerful
vehicle for advertisers to reach highly attractive demographics. At the same
time, CBS Interactive will extend and leverage the power of our traditional
businesses, as well as serve as a platform to launch the next generation of
leading interactive properties that will play a central role in CBS's future.”

In addition to becoming
the eighth-largest web property worldwide in terms of monthly unique users,
according to comScore, CBS Interactive becomes a top five premium content
advertiser-supported online network, the number one online technology network
led by CNET.com and the number two entertainment and sports online network
among men 18-34.

CBS Interactive will be
divided into five categories: technology, led by CNET.com, which reaches more than
19 million people each month; entertainment, with brands such as TV.com,
CBS.com, The CBS Audience Network and Last.fm; sports, featuring CBSSports.com
and NCAA.com, among others; news, with CBSNews.com and CNETNews.com; and
business, including the sites BNET.com and ZDNet.

—By Mansha Daswani