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

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

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