CNET buys mySimon for $700 mil

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Web portal CNET, San Francisco, said it will buy comparison shopping site mySimon, Santa Clara, Calif., for 11.3 million shares of stock valued at about $700 million. CNET, which is changing its name to CNET Networks to reflect its growth, will use mySimon to enhance its shopping offerings. Comparison shopping sites dominated during the holiday season; MySimon experienced 146% growth in traffic from November 1999 to December 1999, according to measurement company NetRatings.

Copyright January 2000, Crain Communications Inc.

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