Breaking: CBS Snags GameSpot In $1.8 Billion CNET Acquisition

CBS Corporation just announced an agreement to buy CNET for $1.8 billion dollars. Through the deal, all of CNET's network sites, including GameSpot, TV.com mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic all become property of CBS.

CBS' existing online network already includes CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, and the CBS Radio and CBS Television Stations digital media
platforms. CBS says its distribution net, the Audience Network, comprises 300 partner sites and reaches 82% of U.S. web users.

"CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences," said CNET CEO Neil Ashe. "Today's announcement brings together two organizations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level."

Full announcement follows the jump.

EA Takes Out $1 Billion Loan For Take-Two Acquisition

SEC filings have revealed that Electronic Arts borrowed $1 billion from Morgan Stanley and other lenders to help finance a possible acquisition of Take-Two.

"There's no news here," said EA VP of communications Jeff Brown. "This is just a process point on something we announced in February."

With $2.3 billion on hand in cash, cash equivalents and short-term investments, EA already has the funds available to do the deal as it currently stands. With the deal not contingent on financing, why borrow more money?

"It helps us maintain maximum flexibility for any opportunities," said Brown.

Take-Two had no comment as of press time.