CNET wins deal with Net services directory
CNET wrestles a deal with Internet services directory Sumo to enhance its position in the growing Web-related services market.
Under the deal, San Francisco-based computer and media network CNET will purchase Sumo in a stock swap worth approximately $30 million. CNET will issue approximately 230,000 shares for 100 percent of Sumo common stock. (CNET is the publisher of News.com.)
Sumo's Web listings services will contain descriptions of hosting, Internet connectivity, and Web design and development, along with editorial commentary and user rankings of the various service providers, which adds to CNET's comprehensive list of computing and technology products and prices, CNET said in a statement.
Under the agreement, CNET said it also will support Sumo's Web Host Guild, a not-for-profit organization that works on setting industry standards to protect consumers.