Mergers & Acquisitions (M&A) CBS buys CNET for $1.75 billion

NEW YORK – 15 May 2008. I’ve only got one thing to say … remember on January 10, 2000 just as we were sliding into a major recession when the first Internet bubble burst? AOL announced plans to buy Time Warner for $350 billion. Fast forward 8 1/2 years as we head into a second major recession and the second Internet bubble burst, CBS announces plans to buy CNET for an overpriced $1.8 billion. By the way, most of you are too young to remember, or smoked too much pot and have lost your short-term memory, but there was a housing recession from about 1989 to 1996 where the average price of homes dropped year after year after year after year. I remember because I bought a house in 1989 and sold it almost 10 years later for the exact same price I paid for it. So, for those of you who think the real estate market has bottomed out in 2008 and is on its way back up next year, I’ve got some news for you.