CNET Staffers Happy to be CBS Employees
CNET staffers are joking that CBS bought their company purely for the coveted News.com domain name. But nobody is complaining about the windfall.
“The scuttlebutt … around here is that News.com will be used for CBS’ News operations and that our News.com will end up being a tab off that page,” said one staffer, who asked not to be identified.
It’s inconceivable that CBS paid a staggering $1.8 billion just for a domain name, but nonetheless, most of the reporters at News.com — the tech news division of CNET — are expecting that CBS will take the domain name for its own news operation, the staffer said.
“It does seem clear we will lose our domain name,” the staffer said. “At least we have a parent that’s solid and has some money — and isn’t News Corp.”
Once the highflier of online media, CNET has recently been rocked by stock option scandals, hostile takeover attempts, layoffs and staff attrition. Skeleton crews run many departments and morale is low.
While CBS is seen as stodgy, the company is stable and has a solid reputation for supporting the expensive business of news.
Delighted rank and file are busy trying to tabulate the worth of their shares, which they’ve been told will all vest immediately.
CBS paid a premium $11.50 per share for CNET, a 44-percent premium above CNET’s closing price yesterday.
“We feel it’s pretty good news, and we’re all pretty happy,” said another employee at CNET who also asked not to be named. “It was a good price, and we’re all going to make a bit of money off of it.”
None of the staffers have yet been told CBS’s plans but a company-wide meeting is scheduled for next Tuesday, they said.
“Me personally, my initial reaction was ‘Oh, fuck, corporate media is getting to us.’” said one CNET designer, who also asked not to be identified. “Every channel of communication in this country is owned by five or six companies, and we’re joining that group … I just don’t know if there’s a way around that anymore.”
But the designer said, generally, the staff welcomed the acquisition.
“The general feeling in the small talk going around is that this is a positive development,” the designer said. “We’re finally going to have some money behind us, because CNET has been hurting for the last couple of months. The first two quarters have been kind of hard, so I think this comes as good news, because obviously CBS is a big company that has a lot of capital.”
“The mood is light. People are upbeat about it,” said one staffer. “There’s no worrying or anything. I think people think it’s a good thing overall for the company.”
Original post by Leander Kahney and software by Elliott Back