CNET Snaps Up Ziff-Davis

Online technology news service CNET will swallow up tech publishing company Ziff-Davis in a $US1.6 billion deal unveiled Wednesday.

CNET Networks touted the acquisition as a way to take hold of Ziff's Computer Shopper publication and online information site ZDNet.

Heading up the merged organisation will be CNET's chief executive Shelby Bonnie, who will retain the CEO post. Ziff's CEO Dan Rosensweig has been named president.

Combined, the company expects to reach $US500 million in revenues in 2001 and to have 16.6 million users visit online properties, officials said.

The deal includes a stock swap, with CNET offering 0.59 shares of its stock for each Ziff share and 0.34 shares of Ziff stock. CNET also announced it will issue 50 million shares.

In addition to the Ziff buy, San Francisco-based CNET in February also bought a comparison shopping service called MySimon.

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