Simon Says: Buy Me
CNET, publisher of News.com, announced plans to acquire mySimon, a Web-based comparison shopping service, for about $700 million in stock.
San Francisco-based CNET says the addition of mySimon will expand its online shopping services to 250 product categories and more than 2,600 online merchants and advertisers.
Reflecting its move into news business lines, the company also will change its name to CNET Networks. The transaction is expected to close by the end of this quarter.
"We have proven that we can build a profitable business out of linking buyers and sellers of technology products," says CNET CEO Halsey Minor. "In the future, the company that will be most important to e-commerce will be the one that enables the truly informed purchase decision in every category."
CNET.com will continue to focus on computers and technology, according to the company, while mySimon will maintain its own brand, management team and staff.
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