Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Friday, May 16, 2008 CBS snaps up CNet Networks for $1.8 billion CBS Corp. is acquiring a big online reach with its acquisition of CNet Networks Inc. but also a company that's faced heavy criticism from investors. Those concerns as well as the hefty $1.8 billion price tag helped send CBS's shares down after the deal was announced Thursday. CNet was an early player in the dot-com boom and survived the subsequent crash with a steady focus on technology news, reviews and entertainment. But its stock, which once traded as high as $79 during the bubble, has slumped over the last two years, leading to an investor rebellion that was gathering steam just as the CBS deal was announced. The $11.50 per-share price CBS is paying represents a huge premium of 45 percent over CNet's stock price Lynnwood bank offers dividend The directors of Lynnwood-based City Bank have continued its 15-cent a share cash dividend, payable to shareholders as of June 6. The dividend will be paid June 20. It's the bank's 79th consecutive quarterly dividend. Kohl's profits fall 27 percent Kohl's Corp. reported Thursday its first-quarter profit fell nearly 27 percent as consumers continued to pull back their spending. The Menomonee Falls, Wis.-based department store chain said it earned $153 million, or 49 cents per share, during the quarter that ended May 3. By comparison, Kohl's earned $209 million, or 64 cents per share, during the same period a year ago. Laptops project adds Windows The One Laptop Per Child project is about to find out whether Microsoft Corp., a rival the nonprofit group once derided, is the solution to its problems in spreading inexpensive portable computers to schoolchildren. Microsoft and the laptop organization announced Thursday that the nonprofit's green-and-white "XO" computers now can run Windows in addition to their homegrown interface, which is built on the open Linux operating system. Nicholas Negroponte, the founder of the laptop project -- which aims to produce $100 computers but now sells them at $188 -- acknowledged that having Windows could reassure education ministers who have hesitated to buy. If the previous software only 600,000 were ordered. Buffett unveils his stock picks Billionaire investor Warren Buffett's Berkshire Hathaway Inc. reported Thursday that it eliminated its stake in Ameriprise Financial Inc. and is cutting its stake in Iron Mountain Inc., while raising its stakes in Kraft Foods Inc. and Burlington Northern Santa Fe Inc. In a quarterly statement of holdings filed with the Securities and Exchange Commission, the closely watched investor reported no stake in financial-services company Ameriprise as of March 31, compared with 661,742 shares as of Dec. 31. Among companies in which the "Oracle of Omaha" raised his stake were food maker Kraft, from 132.4 million shares to 138.8 million, and railroad Burlington Northern Santa Fe, from 60.8 million shares to 63.8 million. He also lifted his stake in manufacturer Ingersoll Rand Co., from 636,600 shares to 936,600. From Herald staff and wire services

1. Man blackmailed ex-girlfriend with nude pictures, police say 2. Snohomish motorcyclist dies in collision with pickup 3. Police looking for man who held up Everett pharmacy 4. Friends plan auction, hope to save woman's home 5. Sheriff warns of Camano Island burglar 6. Arlington private school principal charged with child rape 7. 400 open houses across the county this weekend 8. Man guilty for posing as trooper 9. Cama Beach cabins a quiet, cozy delight 10. LITTLE LEAGUE: Mill Creek reaches state semifinals 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• A matter of faith • Late rally, trick play get Vikings victory • Mill Creek advance to finals Team rallies to beat Bainbridge Island 4-3 • Try for Olympics highlights Games' debut • Proper ball position important to set up • Sports Briefs • Richmond Little League at state majors tournament • Fewer sports fields could go into Hamlin Park • Taxpayers to Stevens' rescue? • Arlington Fly-In marks 40th anniversary this year • Melody Biringer a wide-ranging entrepreneur • County home market offers low rates, lower prices, wide variety of prope ... • Good investments may be boring but profitable • Fryelands industrial park growing in Monroe • Out of the Blue Aviation expands flight training • Paul Allen’s rare Flying Heritage Collection becomes latest aviation att ... • Warbird's history keeper