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Bulletin: Plan To Acquire CNET Networks Has No Ratings Impact For CBS Corp. Or Its Subsidiaries May 08
Standard & Poors, May 2008
Abstract
NEW YORK (Standard & Poor's) May 15, 2008--Standard & Poor's Ratings Services said today that the announcement by New York City-based CBS Corp. (BBB/Stable/A-2) that it is acquiring CNET Networks Inc. in a cash tender offer for $11.50 per share, or just under $1.8 billion, has no effect on the ratings on CBS and its subsidiaries. We view the acquisition as reasonable in size given the company's moderate leverage, discretionary cash flow, and cash on hand. We see the acquisition as broadly complementary to CBS's existing online business, but believe online acquisitions bring certain challenges different from those of traditional media bolt-on acquisitions, such as technology, strategy, culture, and back-office integration. Pro forma for the proposed transaction and the recent...
Companies mentioned in this report are: CBS Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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