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CNET agrees to buy mySimon.com

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San Francisco--In a move that will expand the company beyond its current technology focus, CNET announced Thursday it has agreed to acquire mySimon.com, an Internet comparison shopping service, for about $700 million in stock. With the acquisition, CNET plans to expand its content model to 250 categories, including non-tech categories, providing information and services to help users make purchase decisions. In the wake of the deal, CNET plans to change its corporate name to CNET Networks, with the CNET technology portal and MySimon remaining distinct brands with their own management team and staff. The deal is expected to close by the end of the first quarter.
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