From: Adam Rifkin -4K (adam@XeNT.ics.uci.edu)
Date: Wed Jul 19 2000 - 15:27:16 PDT
Rivals merging... dogs and cats living together... when someone asks
Halsey Minor if he's a god, he should say "YES"...
And once again Masayoshi Son looks like a genius. A super genius...
> CNET buys rival Ziff-Davis for $1.6 billion
> By Steven Musil and Jeff Pelline
> Staff Writers, CNET News.com
> July 19, 2000, 4:30 a.m. PT
> CNET Networks will acquire Ziff-Davis in a deal valued around $1.6
> billion, expanding its global presence of technology information, the
> company announced today.
> Through the acquisition, CNET will gain Ziff's technology publication
> Computer Shopper, online educational service Smart Planet and online
> technology information site ZDNet.
> CNET chief executive Shelby Bonnie will remain CEO, while Ziff CEO Dan
> Rosensweig will become president. CNET president Richard Marino will
> become chief operating officer.
> "Technology is driving the global economy," Bonnie said. "Our union
> accelerates our ability to participate in this multitrillion-dollar
> global market throughout the supply chain."
> Added Rosensweig: "We're creating a company with global reach and
> anticipated revenues in excess of half a billion dollars next year."
> CNET said it will exchange 0.59 shares of CNET stock for each ZDNet
> share and 0.34 shares for each Ziff share. Based on CNET's closing price
> yesterday of $32.18, the transaction is valued around $1.6 billion. CNET
> said it will issue a total of 50 million shares.
> As a result, Ziff stockholders will hold about 35 percent of the
> combined equity. The deal is subject to approval by shareholders. Both
> sides expect the deal to close in the fourth quarter.
> Combined, the companies have an online audience of 16.6 million unique
> monthly users and would rank as the eighth largest property on the
> Internet with a reach of 22 percent, according to a statement. The
> companies will have cash and marketable securities of about $600
> Ziff investor Softbank is backing the deal.
> "We enthusiastically support the union of these two industry leaders,"
> said Softbank president Masayoshi Son. A Softbank representative will
> join CNET's board.
> San Francisco-based CNET runs an Internet network with news on
> technology and information on computer products, and it provides
> programming for radio and television that is broadcast in almost 100
> countries around the world. CNET is the publisher of News.com .
> Last year CNET bought 10 companies. In February, it bought MySimon, a
> comparison-shopping service, and last week it announced that it acquired
> closely held Apollo Solutions.
> Ziff recently spun off its events business, which included Comdex, one
> of the world's largest technology fairs; NetWorld+Interop; and Seybold
Oh, you want me to watch my mouth? How? Take my f***ing eyeballs out and turn them around? -- Eminem, "Who Knew", http://lyrics.astraweb.com/display.cgi?eminem%2E%2Ethe_marshall_mathers%2E%2Ewho_knew
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