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Summary:

It all started with a call from Leslie Moonves. CNET (NSDQ: CNET) and CBS (NYSE: CBS) filed with the SEC this slow Friday afternoon, and the…

imageIt all started with a call from Leslie Moonves. CNET (NSDQ: CNET) and CBS (NYSE: CBS) filed with the SEC this slow Friday afternoon, and the filing describes the full process. The gist of it: CBS first offered $10.50 a share on April 2nd, which at that time was about 40 percent premium on the share price. CNET rejected it, then the price went up in increments: from $10.75 per share to $11.25 per share, to the final price of $11.50 per share.”

The relevant part, pasted below:

“CBS

  1. June 15th (or so…) Deal closes. There's a *mass* exodus of hardcore CNET employees flooding the valley looking for start-ups with upside potential. Not even the retention programs will be able to combat the morale issues they (CBS) will suffer as a result of this transaction.

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  2. it is interesting , for me.
    and agree with stone.

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  3. so fred reynolds is still the real dealmaker at cbs. what exactly does quincy smith do then?

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  4. From reading this, it seems CBS was more desperate to buy, than CNET was to sell. Conventional wisdom would have thought otherwise.

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