CNET TO ACQUIRE ZIFF-DAVIS, INC. FOR STOCK.Cnet Networks Inc. (CNET; San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA) has agreed to acquire Ziff- Davis, Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) for stock. CNET will exchange 0.59 share for each of Ziff-Davis' 85 million shares. Based on CNET's July 31 closing price, the deal is valued at about $1.5 billion. At the time of the announcement, the deal reflected nearly a 50% premium on Ziff-Davis stock. Not to be confused with Ziff Davis Media (Ziff Davis Media Inc., New York, www.ziffdavis.com) A leading integrated media company that serves the computer, videogame and consumer lifestyle markets. Its offerings include PC Magazine and the PCMag.com Network, which includes PCMag.com, ExtremeTech. , Ziff Davis Ziff Davis Inc. (ZD) is an American magazine publisher and Internet Information company. It was founded in 1927 in Chicago by William B. Ziff, Sr. and Bernard G. Davis. Throughout most of its history, it was a publisher of hobbyist magazines, often ones devoted to expensive, , Inc. consists of ZDNet (San Francisco, CA), Computer Shopper magazine, "Smart Planet," an online educational service for the technology sector., and an equity stake in Red Herring Red Herring A preliminary registration statement that must be filed with the SEC describing a new issue of stock (IPO) and the prospects of the issuing company. Notes: Communications. Soft- bank Corp., which owned more than 50% of Ziff-Davis, will own a 17% stake in the combined company. The combined Web properties of CNET and ZDNet will have an estimated 16.6 million unduplicated visitors a month, making it the seventh-largest digital media property, according to Media Metrix. CNET said the deal was designed to increase online advertising revenue and integrate overseas operations. The acquisition of, Ziff-Davis creates "more information opportunities between buyers and sellers," the company said. Earlier this year, Ziff-Davis began a restructuring plan that resulted in the spin off of most its publishing operations to Willis Stein & Partners, now named Ziff Davis Media, for $780 million. The company had previously sold its ZDTV ZDTV Ziff Davis Television unit to Vulcan Ventures and is involved in the spin-off of its trade show unit, the sale of which is a condition of the purchase by CNET. |
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