CNET grabs ZD for $1.6 billion
I couldn't believe my eyes when I saw this story at News.com this morning. Here's the skinny:
CNET Networks will acquire Ziff-Davis in a deal valued at about $1.6 billion, expanding its global presence of technology information, the company announced today.
Through the acquisition CNET will gain Ziff-Davis' technology publication Computer Shopper, online educational service Smart Planet and online technology information site ZDNet.
..and some more on the scale of the deal:
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 million.
My initial reactions are: A) Boy, the Internet really has come of age, if CNET can buy ZD, and B) It's a shame to see the healthy competition between these two companies come to a halt. Their big indexes of things like digital camera reviews were both useful, for instance. Now there will be just one.