|
CNET to buy mySimon site
|
 |
January 20, 2000: 11:36 a.m. ET
Internet portal to pay $700M for comparison-shopping Web site
|
NEW YORK (CNNfn) - Internet portal CNET Inc. said Thursday it plans to acquire mySimon, a comparison-shopping Web site, for about $700 million in stock.
Under terms of the deal, CNET (CNET) will buy mySimon for roughly 11.3 million shares of CNET common stock at its closing price Wednesday of 62-11/16. The deal is expected to close within the first quarter.
Santa Clara, Calif.-based mySimon allows users to search through 2,000 merchants on the Internet, including auctions and classified-ad sites. Search results include product comparisons based on price, availability and other merchant information.
CNET is also changing its name to CNET Networks Inc., a move, the company said, that reflects its expansion and brand recognition. mySimon will keep its own brand name, management and staff.
Combined, the Internet companies have 10 million individual users and about 2,600 merchants and advertisers.
Halsey Minor, chairman and CEO of CNET, said, "The unprecedented tide of retailers coming online is threatening to overwhelm consumers, when it should be empowering them. We believe the time has come for a single destination devoted to organizing the e-commerce."
In midday trading Thursday, CNET rose 1-7/8 to 64-9/16. 
|
|
|
|
|
|
CNET
mySimon
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
.
