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CBS owns 78 percent of CNet after tender offer



By AP
23 June 2008 @ 10:14 am EST

NEW YORK - Television and radio station operator CBS Corp. said it acquired 78 percent of CNET shares, making the Web site operator a majority-owned subsidiary.

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CBS 16.31 -0.43
CNET 11.49 0.03

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CBS bought the shares for $11.50 apiece as part of its effort to buy San Francisco-based CNet, which provides technology, food and entertainment information through its CNet.com Web site and other consumer information sites.

CBS said it has started a second tender offer to buy the remaining shares. That offer expires at midnight on Wednesday.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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