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ZDNet, Inc. (NYSE: ZDZ) rose 4 to 16 7/8 Wednesday after the company agreed to be acquired by CNET Networks, Inc. (Nasdaq: CNET).
CNET said it will buy ZDNet and its parent, Ziff-Davis, Inc. (NYSE: ZD), for $1.6 billion in stock. Ziff-Davis Chief Executive Officer Dan Rosenweig will become president of the new company, with CNET top managers also remaining with the combined company. Ziff-Davis shares rose 2 1/16 to 13 7/16.
Japan's Softbank Corp., which owns a majority stake in Ziff-Davis, will have a 17 percent stake in the merged company.
CNET shares fell 2 9/16 following the news, ending the day at 24 5/8. The acquisition is the third this year for the online media company, which made10 buys in 1999.
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