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CBS Purchases Parent Company of GameSpot, GameFAQ

It seems big time corporations buying up video game and entertainment websites is the trend to follow these days. With FOX News Corp. purchasing IGN not too long ago, CBS has followed suit buy purchasing CNet Networks, the parent company of sites like GameSpot.com, TV.com and GameFaqs.com, for a hefty pricetag of $1.8 billion dollars.

Steve Weinstein, an analyst with Pacific Crest Securities, said CBS will have some work to do in order to get the most out of CNet's businesses, which he said have been "underperforming the market for quite a while."

"CNet has a lot of great brands but the growth hasn't really been there," Weinstein said. "I think there's a lot of work to be done behind the scenes. It will be interesting to see if they have the know-how to do it."

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