Mr Moonves Is On The Line: How The CBS-CNET Deal Came About

4 Comments

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

4 Comments

Sharon

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

lee

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

stone

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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