A chance like this only comes along rarely. CBS (CBS), which is trading at just above $17, down from a 52-week high of $32.97, could spin-off CNET. The large collection of tech websites has found new success under the CBS umbrella.
CNET.com posted a 22% increase in unique visitors over July 2007, pointing to early success of its beta release, which launched in June and officially launches later this month.
BNET.com, another part of the operation, posted a 19% increase in unique visitors over last month.
PaidContent.org questioned the numbers, but they still seem pretty good.
CBS bought CNET for $1.8 billion. Based on CNET’s improving fortunes, it must be worth much more than that, perhaps $2.5 billion.
In less than a year, CBS’s market cap has gone from over $25 billion to under $12 billion.The TV network company now has a chance to partially spin-off the tech company operation at a valuation which should help the CBS share value.
Douglas A. McIntyre
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