Media Moves

CNET shares rise amid speculation of Google offer

February 11, 2008

Posted by Chris Roush

Shares of media company CNET Networks Inc., currently battling dissident shareholders who want to expand its board, soared more than 7 percent on Friday, on speculation that Google Inc might be interested in acquiring a stake in it, according to a Reuters story.

CNETCNET operates a tech news service, as well as other news operations.

The story stated, “‘There is a rumor circulating that Google might have an interest in CNET. Therefore, the options volume has picked up dramatically on that rumor,’ said William Lefkowitz, options strategist at brokerage firm vFinance Investments in New York.

“Google officials declined to comment and a CNET spokeswoman was not immediately available.

“Steve Weinstein, an analyst at Pacific Crest Securities, said Google’s interest in CNET is ‘highly unlikely.'”

Read more here.

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