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CNET Networks completes ZDNet acquisition

The company also introduces a new organizational structure and appoints two additional board members.

CNET Networks completed its acquisition of ZDNet on Tuesday upon receiving shareholder approval.

In addition to completing the merger, CNET introduced a new organizational structure that includes five business units: media services, channel services, market intelligence, consumer services and international media.

In connection with the acquisition, CNET appointed Dan Rosensweig, president of CNET Networks and former chief executive of ZDNet, and Eric Hippeau, president and executive managing director of Softbank International Ventures, to the board of directors.

According to CNET, combining the two companies "marks the formation of a new top 10 Web entity."

Under the terms of the agreement, each share of ZD common stock was converted into 0.3397 share of CNET common stock, and each share of ZDNet common stock was converted into 0.5932 share of CNET stock. ZD and ZDNet common stock will no longer be listed on the New York Stock Exchange.