New CBS Interactive Represents Premier Online Content Network for
Information and Entertainment
- CBS Interactive Becomes the 8th Largest Web Network Worldwide;
- Top Five Premium Content Ad-Supported Network;
- The Number One Technology Network Led by CNET.com;
- The Number Two Entertainment and Sports Network for Men 18-34
Quincy Smith Named Chief Executive Officer and Neil Ashe Named President of
CBS Interactive
NEW YORK and SAN FRANCISCO, June 30 /PRNewswire-FirstCall/ -- CBS
Corporation (NYSE: CBS.A and CBS) announced today that it has completed its
acquisition of CNET Networks, Inc. and merged its operations into a newly
expanded CBS Interactive division. The new division incorporates all of the
premium online brands of both CBS and CNET Networks into one business unit.
The announcement was made by Leslie Moonves, President and Chief
Executive Officer, CBS Corporation, following the Company's acquisition of
CNET Networks, Inc.
"This marks day one for the new CBS Interactive," said Moonves. "From
entertainment, news and sports to technology, games and business, the
combination of CBS and CNET Networks gives us the content and scale to be
leaders on a platform that is gaining audience share faster than any other.
Our unparalleled collection of sites will be an extremely powerful vehicle
for advertisers to reach highly attractive demographics. At the same time,
CBS Interactive will extend and leverage the power of our traditional
businesses, as well as serve as a platform to launch the next generation of
leading interactive properties that will play a central role in CBS's
future. I couldn't be happier to welcome all the people of CNET to the new
CBS Interactive group. I know we'll all do great things together."
The combined assets of CBS Interactive now make CBS the eighth largest
web property worldwide in terms of monthly unique users, according to
comScore (May 2008). In addition, CBS Interactive becomes a top five
premium content advertiser-supported online network, the number one online
technology network led by CNET.com and the number two entertainment and
sports online network among Men 18-34.
The newly expanded business unit will comprise five vertical categories
designed to appeal to like-minded audiences and offer advertisers scale
across targeted demographics:
-- Technology: CNET.com is the number one Web site in the computer and
consumer electronics category, reaching more than 18 million people every
month with daily premium content offerings. From the latest product reviews
to breaking news from the digital world, as well as video and program
downloads, CNET.com has become the leading destination for people looking
to navigate today's digital world.
-- Entertainment: Representing the third largest online entertainment
group on the web, the collective reach of CBS Interactive's entertainment
portfolio will now exceed 24 million users each month, and include many of
the leading brands on the web today, including: TV.com, CBS.com, The CBS
Audience Network, theInsider.com, GameSpot.com, Last.fm, and CHOW.com,
among others. These are among the most visited entertainment destinations
on the web today, each with their own identity and audience profile, and
they continue to grow in users and time spent visiting. This past year, for
instance, CBS.com market share grew a category-leading 41 percent. Combined
with the power of America's most watched network -- CBS Television -- CBS
Interactive offers unparalleled consumer reach online and offline.
-- Sports: CBS Interactive is a leader in athletic coverage, from sites
devoted to professional sports to the largest collection of collegiate
brands. Among its top destinations are CBSSports.com, CBSCollegeSports.com,
NCAA.com, and MaxPreps.com, representing one of the digital world's largest
sports footprints. Working with its leading broadcast and radio properties,
CBS offers the unique opportunity to reach a wide group of people who are
passionate about sports across the internet, television and radio.
-- News: Two of the strongest news sites in their own right,
CBSNews.com, a leader in world news, and CNET News.com, the leader in
technology news, combine to create the sixth largest property in the
Current Events/Global News category. From breaking news and international
reports to coverage of business, politics and technology, the combination
of these two destinations gives users a global perspective they cannot find
anywhere else.
-- Business: Eighteen million users each month have come to rely on CBS
Interactive's business properties, which include BNET.com, the cornerstone
of the business category, and leading sites like ZDNet and TechRepublic.
Collectively, these assets are among the fastest growing destinations in
the expanding business category and offer users the latest and most
insightful business coverage, with unique perspectives on management and
technology.
Moonves also announced today that Quincy Smith is named Chief Executive
Officer and Neil Ashe is President of CBS Interactive. Smith has been at
the helm of CBS Interactive since joining the Company in November 2006, and
Ashe has led CNET Networks since October 2006.
"Quincy's unique understanding of the interactive space has pushed CBS
to the forefront of new media," said Moonves. "There are so many more
promising market opportunities before us and I greatly look forward to his
continued leadership as we evolve our company at this exciting time."
"Neil brings a broad range of experience to this important new role,"
said Moonves. "His strong background as both a strategic executive and a
results-oriented operator will add significant energy to this increasingly
vital part of the CBS Corporation."
"Today CBS Interactive becomes a world-class player in online content
with leading brands across information and entertainment," said Smith. "We
now have the new media reach that clients want, and the content that
audiences expect from CBS. Simultaneously, CBS Interactive also gets even
more complementary and additive to the Company's core established
businesses. I couldn't be happier to work with my friend Neil who will be
instrumental in driving this business with me."
"We now have an amazing opportunity to realize the full potential of
CNET Networks' premium brands by gaining access to the kind of mass market
reach that only CBS can provide," said Ashe. "Our expertise and our
market-leading brands will propel CBS into leadership positions on the
internet. I'm very excited about being a part of this fantastic leadership
team, which is one of the most talented and experienced in the interactive
business. I look forward to working closely with Leslie and Quincy and the
whole team to drive more audience to our industry-leading businesses and
creating new revenue opportunities for CBS."
Smith has been President of CBS Interactive for CBS Corporation since
November, 2006. In this role, he was responsible for overseeing the
Company's entire interactive strategy and helping to guide its
implementation across CBS Corporation's varied divisions and online
businesses. Smith works in tandem with each CBS division to formulate new
media strategies and partnerships involving all interactive platforms,
including internet, mobile and video gaming. Reporting to Smith is the wide
variety of interactive media company-wide, including its wholly-owned
Websites. In addition, Smith works closely with CBS's corporate team to
identify new businesses that could complement CBS's core assets and build
its presence in the fast-growing digital counterpart to its existing
programming platforms.
Ashe joined CNET Networks in 2002 as Senior Vice-President, Corporate
Strategy and Development. In 2005, Ashe assumed the role of Executive
Vice-President and his responsibilities expanded to include day-to-day
management of the Community and Lifestyle, Business, Channel and
International divisions. Ashe has led the company's content expansion
strategy, including numerous acquisitions to develop its existing products
and expand into new categories both domestically and internationally, which
helped attract new audience and customer segments. During his tenure, the
company acquired or launched MP3.com, Chow, BNET, UrbanBaby and China-based
ZOL, PC Home and X-Car. This strategy has resulted in new product
development, audience growth and revenue streams for the company. In
addition, Ashe is a key spokesperson to both the investment and advertising
communities and has been instrumental in CNET Networks' growth and success.
CBS Corporation (NYSE: CBS.A and CBS) 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.
Cautionary Statement Concerning Forward-looking Statements
This release contains forward-looking information. All statements in
this release, other than statements of historical fact are, or may be
deemed to be, forward-looking statements within the meaning of section 27A
of the Securities Act of 1933 and section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that are difficult to predict which
could cause actual outcomes and results to differ materially from these
statements, including those factors described in the news releases and
filings with the Securities and Exchange Commission including but not
limited to the most recent Annual Report on Form 10-K and other period
reports on Forms 10-Q and 8-K filed by CBS Corporation. The forward-looking
statements included in this release are made only as of the date of this
release, and under section 27A of the Securities Act and section 21E of the
Exchange Act, CBS Corporation does not have any obligation to publicly
update any forward-looking statements to reflect subsequent events or
circumstances.
SOURCE CBS Corporation
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