CNET Networks Adopts Stockholder Rights Plan
January 11 2008 - 11:04PM
Business Wire
CNET Networks, Inc. (Nasdaq: CNET) announced today that its Board
of Directors adopted a Stockholder Rights Plan in which one
preferred stock purchase right will be distributed as a dividend on
each common share held of record as of the close of business on
January 21, 2008 (the �Rights�). The Rights Plan is designed to
deter coercive takeover tactics and to prevent an acquiror from
gaining control of the Company without offering a fair price to all
of the Company�s stockholders. The Rights will not prevent a
takeover, but should encourage anyone seeking to acquire the
Company to negotiate with the Board of Directors prior to
attempting a takeover. Each Right, if and when it becomes
exercisable, entitles the holder to buy one one-thousandth of a
share of a new series of junior participating preferred stock for
$35.00. If any person or group becomes the beneficial owner of 15%
or more of the Company�s common stock at any time after the date of
the Rights Plan (with certain limited exceptions), then each Right
not owned by such holder will entitle its holder to purchase, at
the Right�s then-current exercise price, common shares having a
market value of twice the Right�s then-current exercise price. In
addition, if, after any person has become a 15% or more
stockholder, the Company is involved in a merger or other business
combination transaction with another person, each Right will
entitle its holder (other than such 15% or more stockholder) to
purchase, at the Right�s then-current exercise price, common shares
of the acquiring company having a value of twice the Right�s
then-current exercise price. Further details about the Rights Plan
will be contained in a Form 8-K to be filed with the Securities and
Exchange Commission by the Company. Safe Harbor This press release
includes forward-looking information and statements that are
subject to risks and uncertainties that could cause actual results
to differ materially. These statements are only effective as of the
date of this press release and CNET Networks undertakes no duty to
publicly revise or update these forward-looking statements, whether
as a result of new information, future developments or otherwise.
The forward-looking statements in this release are identified by
the words �expect,� �estimate,� �target,� �believe,� �goal,�
�anticipate,� �intend� and similar expressions or are otherwise
identified in the context in which they are made as being
forward-looking. These statements are only effective as of the date
of this release and we undertake no duty to publicly update these
forward-looking statements, whether as a result of new information,
future developments or otherwise. The risks and uncertainties that
could cause actual results to differ materially from those
projected include: a lack of growth or a decrease in marketing
spending on the Internet due to failure of marketers to adopt the
Internet as an advertising medium at the rate that we currently
anticipate; a lack of growth or decrease in marketing spending on
CNET Networks� properties in particular, which could be prompted by
competition from other media outlets, both on and off the Internet;
dissatisfaction with CNET Networks� services, or economic
difficulties in our clients� businesses; an increase in the
competitiveness of the market for qualified employees or changes in
our stock price or volatility, both of which could increase our
estimated stock compensation expenses; economic conditions such as
weakness in corporate or consumer spending, which could prompt a
reduction in overall advertising expenditures or expenditures
specifically on our properties; the failure of existing advertisers
to meet or renew their advertising commitments as we anticipate,
which would cause us to not meet our financial projections; the
failure to attract advertisers outside of our traditional
technology and consumer electronics categories, which would cause
us to not meet our financial projections; a continued decline in
revenues from our print publications as advertising dollars shift
to other media; the acquisition of businesses or the launch of new
lines of business, which could decrease our cash position, increase
operating expense, and dilute operating margins; an increase in
intellectual property licensing fees, which could increase
operating expense, including amortization; the risk of future
impairment of our intangible assets, goodwill or investments based
on a decline in our business or investments; and general risks
associated with our business. For additional discussion regarding
the risks related to CNET Networks� business, see its Annual Report
on Form 10-K for the year ended December�31, 2006 and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
including disclosures under the captions �Risk Factors� and
�Management�s Discussion and Analysis of Financial Conditions and
Results of Operations,� which are filed with the Securities and
Exchange Commission and are available on the SEC�s website at
www.sec.gov. About CNET Networks, Inc. CNET Networks, Inc. (Nasdaq:
CNET) is an interactive media company that builds brands for people
and the things they are passionate about, such as gaming, music,
entertainment, technology, business, food, and parenting. The
Company�s leading brands include BNET, CHOW, CNET, GameSpot, and
TV.com. Founded in 1992, CNET Networks has a strong presence in the
US, Asia, and Europe. IMPORTANT INFORMATION / SOLICITATION
PARTICIPANTS LEGEND CNET Networks and its directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of CNET Networks in connection with
the upcoming annual meeting of stockholders. Information regarding
the special interests of these directors and executive officers in
connection with the matters to be voted on at the annual meeting
will be included in the proxy statement filed by CNET Networks in
connection with the annual meeting. In addition, CNET Networks
files annual, quarterly and special reports, proxy and information
statements, and other information with the Securities and Exchange
Commission (the �SEC�). These documents are available free of
charge at the SEC�s web site at www.sec.gov or from CNET Networks
at www.cnetnetworks.com. STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN
IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION.
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