Bad “News”
The Associated Press is reporting that CBS to purchase CNet for about $1.75 billion
NEW YORK – CBS Corp. agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.75 billion, expanding its access to the burgeoning Internet advertising market.
…CBS said it will combine CNet’s sites with its own online properties, including CBS.com, CBSSports.com and CBSNews.com.
A group of investors led by New York hedge fund Jana Partners LLC has been agitating for a shake-up at the company after its shares fell sharply in the past year. Jana Partners has led a proxy fight to get a slate of directors elected to the CNet board.
More media consolidation and a corporation that can’t do standard journalism is now going to control a major technology media outlet. Jana Partners doesn’t know anything except profit. Here’s a hint Jana, everything is in the tank because we have entered a recession. That’s the way markets work.
