NEW YORK, June 10 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE:
CBS.A and CBS) announced today that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its
tender offer to purchase all of the outstanding shares of common stock of
CNET Networks, Inc. (Nasdaq: CNET) expired at 11:59 P.M., ET on Monday,
June 9, 2008, and that it has obtained clearance for the tender offer from
the Federal Cartel Office of Germany.
The tender offer to acquire all of the outstanding shares of CNET
Networks, Inc. at a purchase price of $11.50 per share, net to the seller
in cash, without interest, is scheduled to expire at 12:00 Midnight, ET, on
Friday, June 20, 2008, unless the tender offer is extended. The tender
offer and merger are subject to customary closing conditions described in
the offer to purchase that was filed by CBS and its wholly-owned
subsidiary, Ten Acquisition Corp., with the Securities and Exchange
Commission on May 23, 2008.
About CBS Corporation
CBS Corporation is a mass media company with constituent parts that
reach back to the beginnings of the broadcast industry, as well as newer
businesses that operate on the leading edge of the media industry. The
Company, through its many and varied operations, combines broad reach with
well-positioned local businesses, all of which provide it with an extensive
distribution network by which it serves audiences and advertisers in all 50
states and key international markets. It has operations in virtually every
field of media and entertainment, including broadcast television (CBS and
The CW - a joint venture between CBS Corporation and Warner Bros.
Entertainment), cable television (Showtime and CBS College Sports Network),
local television (CBS Television Stations), television production and
syndication (CBS Paramount Network Television and CBS Television
Distribution), radio (CBS Radio), advertising on out-of-home media (CBS
Outdoor), publishing (Simon & Schuster), interactive media (CBS
Interactive), music (CBS Records), licensing and merchandising (CBS
Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS
Outernet) and motion pictures (CBS Films). For more information, log on to
http://www.cbscorporation.com.
Additional Information
This press release is neither an offer to purchase nor a solicitation
of an offer to sell securities. The tender offer is being made pursuant to
a tender offer statement and related materials. CNET Networks stockholders
are advised to read the tender offer statement and related materials, which
have been filed by CBS with the U.S. Securities and Exchange Commission
(the "SEC"). The tender offer statement (including the offer to purchase,
letter of transmittal and related tender offer documents) filed by CBS with
the SEC and the solicitation/recommendation statement filed by CNET
Networks with the SEC contain important information which should be read
carefully before any decision is made with respect to the tender offer. The
tender offer statement and the solicitation/recommendation statement have
been mailed to all CNET Networks stockholders of record.
The tender offer statement and related materials may be obtained at no
charge by directing a request by mail to MacKenzie Partners, Inc., 105
Madison Avenue, New York, New York 10016, or by calling toll-free at (800)
322-2885, and may also be obtained at no charge at http://www.cbscorporation.com
and http://www.cnetnetworks.com and the website maintained by the SEC at
http://www.sec.gov.
DISCLOSURE NOTICE: The information contained in this release is as of
June 10, 2008. Except as required by law, CBS does not assume any
obligation to update any forward-looking statements contained in this
release as a result of new information or future events or developments.
Some statements in this release may constitute forward-looking statements.
CBS cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated in the forward-looking statements, including the risk that the
tender offer may not be completed or the merger may not be consummated for
various reasons, including the failure to satisfy the conditions precedent
to the completion of the acquisition. A further list and description of
risks and uncertainties can be found in CBS' Annual Report on Form 10-K for
the fiscal year ended December 31, 2007 and in its periodic reports on
Forms 10-Q and 8-K.
SOURCE CBS Corporation
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Related links:
http://www.cbscorporation.com
http://www.cnetnetworks.com
http://www.prnewswire.com/comp/965075.html /
CONTACT:
Press, Gil Schwartz, +1-212-975-2121,
gdschwartz@cbs.com, Dana McClintock, +1-212-975-1077,
dlmcclintock@cbs.com, or Investor Relations, Marty Shea,
+1-212-975-8571, marty.shea@cbs.com, or Debra Wichser,
+1-212-975-3718, debra.wichser@cbs.com
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