CBS’ existing online network already includes CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, and the CBS Radio and CBS Television Stations digital media
platforms. CBS says its distribution net, the Audience Network, comprises 300 partner sites and reaches 82% of U.S. web users.

“CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences,” said CNET CEO Neil Ashe. “Today’s announcement brings together two organisations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level.”

Full announcement follows the jump.

NEW YORK and SAN FRANCISCO, May 15 /PRNewswire-FirstCall/ — CBS Corporation (NYSE: CBS.A and CBS) has entered into an agreement to acquire CNET Networks, Inc. (Nasdaq: CNET), it was announced today by Leslie Moonves, President and Chief Executive Officer, CBS Corporation. Under the terms of the agreement, CBS will make a cash tender offer for all issued and outstanding shares of CNET Networks for $11.50 per share, representing an equity value of approximately $1.8 billion. The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and approximately 200 million users worldwide.

“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks,” said Moonves. “CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience. Together, CBS and CNET Networks will have significant additional exposure to the fastest- growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success.”

Based in San Francisco, CNET Networks owns many of the Internet’s leading entertainment, news and information sites including CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company, which reported significant profits in 2007 on revenues of $406 million, has a large international footprint, particularly in China.

Upon closing, CNET Networks’ sites will be combined with CBS’s stable of dynamic and growing interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS Audience Network, which is made up of more than 300 partner Web sites and reaches 82% of all online users in the United States.

“The core businesses of CNET Networks and CBS Interactive represent near perfect category symmetry in premium online content,” said Quincy Smith, President, CBS Interactive. “Together we will have a terrific opportunity to not only grow our established businesses, but to build new attractive verticals of content as well. This is the beginning of an era for both CBS and CNET Networks; plus, it’s going to be great to work with Neil and his team, many of whom I have known for many years.”

“We’re thrilled to join CBS and combine our interactive media experience with CBS’s world-class content,” said Neil Ashe, Chief Executive Officer, CNET Networks, Inc. “CNET Networks operates some of the most important premium online brands, serving the most sought after online audiences. Today’s announcement brings together two organizations that complement each other and working with Leslie, Quincy and the talented people at CBS, we look forward to taking our business and our brands to the next level.”

“We look forward to completing the acquisition of CNET Networks and the terrific benefits it brings to CBS as Quincy, Neil and their combined teams build upon our success,” Moonves concluded. “At the same time our strong cash flow allows us to pay among the highest dividends in the industry, and we are committed to continue to pay our attractive dividend to return value to shareholders.”

The Board of Directors of CNET Networks has unanimously approved the merger agreement and unanimously recommends that CNET Networks stockholders accept the tender offer and tender their shares.

The transaction is subject to customary conditions and is expected to be completed in the third quarter of this year.

Internal communication informing employees of the cut were forwarded to Kotaku last night, indicating that a “new management structure means that Josh Larson’s position as VP, Games is being eliminated and Josh will be leaving the company.” CNET announced last week that it would cut 10 percent of its work force, about 120 employees. We contacted GameSpot Editor in Chief Ricardo Torres to verify the news this morning.

Torres confirmed that Larson’s last day would be April 9, but declined to comment much further on the restructuring, citing the “internal” nature of the news.

It was clear that, at the time, Larson’s capabilities as editorial lead weren’t well regarded by some of the GameSpot staff. The anonymous “gamespot” commented at sister site Valleywag that Larson was “a suit [...] who had no editorial experience and was only involved on the business side of things.” The anonymous commenter lamented that the presence of the sales team had become much more visible under Larson’s watch, with other contributors going on and off record with less than favourable comments of CNET management.

In the months that followed Gerstmann’s dismissal, GameSpot lost a sizable portion of its editorial staff, with reviewers Alex Navarro, Frank Provo, Ryan Davis, Brad Shoemaker and Jason Ocampo leaving for other, sometimes unspecified opportunities. Torres told us that GameSpot continues to bring on new editorial talent and plans to continue its coverage “with the same breadth and depth we have in our previous 11 years.”

Tom’s Games points out that the company posted three job listings over at JournalismJobs.Com from Feb. 15 through Feb. 27 for copywriter; associate editor, reviews; and associate editor II, PC previews and reviews.

Hit the jump for some of the responsibilities for each job. On a side note, I was a little disturbed to read that their copywriter position might include the unholy wedlock of advertising and editorial, with the person being responsible for writing banner ads, print ads and, perhaps, headlines?

Associate Editor, Reviews
The associate editor will be responsible for 3-5 regular game product review assignments per week in a timely manner.
The associate editor will be expected to contribute to the reviews editing process both by receiving and giving feedback on his/her own reviews, as well as reviews written by other editors and staffers.
The associate editor will be expected to contribute to additional review-related duties, such as appearing in video reviews or potentially helping to compile game assets.
The associate editor will be expected to contribute to GameSpot’s editorial product in other ways, such as attending press events, covering games for previews, and contributing to editorial features.

Associate Editor II, PC previews & reviews
The associate editor will be responsible for 3-5 regular PC game preview and review assignments per week in a timely manner, and potentially some console-related coverage as well.
The associate editor will be called on to interface with game industry contacts and attend game-related industry events and may be required to travel, schedule appointments, manage press assets, and keep track of deadline and designated publish dates.
As part of the process of contributing to reviews, the associate editor will be expected to contribute to the reviews editing process both by receiving and giving feedback on his/her own reviews, as well as reviews written by other editors and staffers.
The associate editor will be expected to contribute to additional review-related duties, such as appearing in video reviews or potentially helping to compile game assets.
The associate editor will be expected to contribute to GameSpot’s editorial product in other ways, such as attending press events, covering games for previews, and contributing to editorial features.

>Copywriter
Write banner ads, landing pages, print ads, ads, microsites, videos, and, of course, email. Work autonomously with partner designer during concept development and design. Integrate the brand personality into all consumer communication and maintain a consistent look and feel that reinforces and builds the brands as innovators.

Work with Marketing, Product and product design teams to understand our customers, the nuances of the product and the key strategies for each project. Attend user lab studies to witness consumer experience with the product first hand in order to better understand their motivations, stumbling blocks, etc. Develop a strong command of our brands, their positioning and detailed product features.

Like Video Games? Cnet/Gamespot Going Hiring Crazy (must Like Eidos) [Tom's Games]

Torres, who spoke to us recently about the departure of longtime reviewer Alex Navarro, said of the new responsibilities via press release “I’m eager to continue the site’s tradition of excellence and I’m confident we can move forward into 2008 and set a new industry standard for how video games are covered.” Torres recently set editorial standards for wearing cornrows, pictures of which we desperately wish we had in our possession.

We wish Torres the best in his future endeavors at GameSpot. Full statement from CNet after the break.

GameSpot Names Ricardo Torres Editor-in-Chief

SAN FRANCISCO–(BUSINESS WIRE)–Jan. 28, 2008–GameSpot (www.gamespot.com), a leading video game Web site and a property of CNET Networks, Inc. (Nasdaq:CNET), today announced it has named Ricardo Torres editor-in-chief. Torres, who has been a key member of GameSpot’s editorial team since 2001, brings a decade of editorial experience to the position and an in-depth knowledge of the gaming industry. As editor-in-chief, Torres will oversee GameSpot’s award-winning editorial staff in their coverage of the latest games and breaking news.

“I’m excited to have the opportunity to help further GameSpot’s position at the forefront of the industry,” said Torres. “I’m eager to continue the site’s tradition of excellence and I’m confident we can move forward into 2008 and set a new industry standard for how video games are covered.”

Previously, Torres was editorial director of GameSpot. In this position, he secured exclusive previews of some of the most highly-anticipated games in the industry, wrote hundreds of reviews and previews for the site, and managed event coverage in the US and abroad. During his time at GameSpot, he has pioneered new content forms, including reviving the popular “Behind the Games” series as a platform to examine different aspects of the game development and the games industry. He was also instrumental in bringing the GameSpot audience groundbreaking live coverage of the PlayStation 3 and Wii launches on the East and West Coasts. In addition, Torres has helped shape the site’s exclusive coverage of the industry’s most significant events, including the Electronic Entertainment Expo in Los Angeles and Santa Monica, and international events such as Tokyo Game Show in Japan, the Leipzig Games Convention in Germany, and Microsoft’s European events for the Xbox 360.

“Ricardo has been a key member of the editorial team for years,” said Greg Brannan, vice president of content, CNET Networks’ entertainment and lifestyle division. “I’m extremely confident in his ability to maintain GameSpot’s tradition of excellence in being the most reputable and outstanding game content site on the web.”

“Ricardo was one the hardest-working, most dedicated people I knew during my 10 years with GameSpot, and he always had a real vision for how the brand could keep growing to best serve game players around the world,” said Greg Kasavin, former editor-in-chief of GameSpot. “As a former colleague and a fan, I’m excited to see how GameSpot will evolve under his direction.”

Prior to his time at GameSpot, Torres oversaw the videogame coverage at CNET Networks’ proprietary game site GameCenter and worked in quality assurance at Rocket Science Games, a San Francisco-based developer.

About GameSpot

GameSpot’s (www.gamespot.com) expert editorial team provides more than a million daily visitors with comprehensive, engaging, and unbiased game information for console, PC, and portable platforms. The site’s award-winning coverage includes previews and reviews on the hottest titles, breaking news, live Web casts, online tournaments, game downloads, videos, guides, hints, and more. GameSpot also has one of the most active online gaming communities. The GameSpot family also includes GameFAQs, Game Rankings, SportsGamer, and GameSpot Trax, the industry’s premier real-time market intelligence tool.

About CNET Networks

CNET Networks, Inc. (Nasdaq: CNET – www.cnetnetworks.com) is an interactive media company that builds brands for people and the things they are passionate about, such as gaming, music, entertainment, technology, business, food, and parenting. The Company’s leading brands include CNET, GameSpot, TV.com, MP3.com, CHOW, UrbanBaby, ZDNet, BNET, and TechRepublic. Founded in 1992, CNET Networks has a strong presence in the US, Asia, and Europe.

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The SNES is the greatest console of all time [cnet]

The New York Times is reporting that a consortium of “prominent investment funds” have managed to grab up 21 percent of CNet and are now working to kick out the company’s directors and take over the majority of the company’s board.

The Times piece is based on people who were privy to a memo sent from the consortium to the board about two weeks ago. Among CNet’s assets, of course, are gaming site GameSpot and tech site TechCruch.

The consortium is led by Jana Partners and includes Sandell Asset Management, a venture capital firm and entrepeneur Paul Gardi, the guy behind Ask Jeeves tech.

No word on if or how this could possible impact GameSpot.

Investors Said to Seek a Takeover of CNet [NYT]

Provo specialized in critiquing games for the Game Boy Advance, Nintendo DS, and PSP during his tenure. He was often tasked with reviewing less than enviable portable fodder, as well as copious amounts of movie licensed games and retro releases via XBLA and the Wii Virtual Console.

He was especially vocal about the Jeff Gerstmann dismissal via his LiveJournal and message board NeoGAF, having harsh words for CNet management and expressing sympathy for peers still at Gamespot. He recently addressed his separation from the outlet by writing “I feel sad about the whole thing, but I can’t write for a site that could one day punish me for honesty.”

In a response to a comment posted on his GameSpot blog today, Provo defended his former compatriots, writing “The GameSpot staff did not fire Jeff. The GameSpot staff are NOT corrupt. GameSpot itself is NOT the problem. CNet is. CNet’s management is.”

Farewell, GameSpot [GameSpot]

Q: Was Eidos Interactive upset by the game’s review?

Well, were they??

A: It has been confirmed that Eidos representatives expressed their displeasure to their appropriate contacts at GameSpot, but not to editorial directly. It was not the first time a publisher has voiced disappointment with a game review, and it won’t be the last. However, it is strict GameSpot policy never to let any such feelings result in a review score to be altered or a video review to be pulled.

Q: Did Eidos’ disappointment cause Jeff to be terminated?
A: Absolutely not.

Q: Did Eidos’ disappointment cause the alteration of the review text?
A: Absolutely not.

Q: Did Eidos’ disappointment lead to the video review being pulled down?
A: Absolutely not.

As we heard before, GameSpot officially cited poor production for the pulling of the video review. They also clarify that all Kane & Lynch written review alterations were made to better match the 6.0 score. Wow, so copy should be edited to represent an arbitrary f’ing number? That clarification of practice really brings the credibility back to the site? Fundamentally, I can’t agree to the logic, but it’s important that GameSpot disclosed their process nonetheless.

Also, GameSpot will be hosting a tribute to Gerstmann tomorrow. UPDATE: Apparently this tribute was sought after by Gamespot’s editors and is quite a genuine gesture.

Gamespot Statement [Gamespot]

you asked if it’s realistic for readers to expect a church and state separation between editorial and sales. Realistic or not, I think readers should demand that from a publication. Some people probably think that’s a little old-fashioned or hopelessly idealistic, given the changing nature of advertising these days, but there you go.

Notice the diction here because I believe it to be quite important: “realistic or not” and “some people might think it’s…hopelessly idealistic” didn’t need to be used here to answer Totilo’s question. Instead of responding “yes” or “no,” Gerstmann is responding to an unverified problem. In other words, Totilo is asking “do you think it’s realistic for gamers to expect a church and state separation [that may exist now or in the future]” while Gerstmann is answering something along the lines of “how can we fix this already present craptastic overlap between editorial content and advertising?” If you buy into my reading, then Gerstmann is admitting that a problem exists by responding to it. The rest of the message:

…somewhere in that complex mess of relationships is the right amount of disclosure. Gaming publications should tell their readers what to expect. If you’re running a publication and you’re comfortable running infomercials and advertorials, they should be clearly marked as such.

My head is a mess when we talk about the potential of journalistic integrity, especially when the basis of that said journalism is a subjective review to begin with. Essentially we’re searching for unbiased bias.

This whole thing is a mess.

Ex-GameSpot Editor Jeff Gerstmann Talks Standards, Suspicions Of Older Fishy Reviews [mtvmultiplayer]