Dog-days list helps listless cooks

An adult appetite in the heat of the summer reverts to that of achild's.

"I'm not hungry - it's too hot, too sweaty, too sticky to eat,"come deep-voiced whines. Seconds pass. "Well, ice cream sounds good.(Pause.) So does maybe a soda pop or a chocolate shake. (Pause.) Oh,you're going to McDonald's? I'll have a cheeseburger, a large fry.With extra ketchup."

Eating, on occasion, has less to do with our appetites than withour energy. Men and women in sweat-stained business suits aregasping. Kitchens turn to wastelands; dust gathers on stoves; evenmicrowaves are ignored.

Yet success and corporate takeovers are not of milk shakes andfrozen candy bars made. Summer is not a license to destroy yourinsides. The four food groups still have to be ingested, no matterhow tedious that sounds.

Enter salads. Not a stove to warm up, not a grill to fire up,not even a blender to excite. Just crisp salad greens, coldvegetables, creamy cheeses, maybe a marinated fish or precooked meatand a potent dressing. It's enough to satiate the appetite withnutritional value, but not overtax heat-frazzled nerves.

Below are some cool ideas for a hot, slimy, summer day. Serve tuna salad in red, yellow and green bell peppers, halvedlengthwise, and garnish with black olives and capers. Whip up a chunky gazpacho with plenty of tomatoes and crunchy freshvegetables and throw in cooked, peeled shrimp, which you can pick upat the market. Mix cooked, shelled shrimp with mayonnaise, sour cream, currypowder, lemon juice, chives and pepper for a quick curried shrimpsalad. Open a can of salmon and add a can of boiled potatoes,chopped cucumbers, chopped celery, chopped onions and a mixture ofhalf sour cream and mayonnaise with a bit of lemon juice and salt andpepper to taste. Serve on crisp lettuce leaves and garnish withcapers. Make a turkey or chicken Waldorf salad, mixing apples,celery, walnuts, mayonnaise and store-bought cooked poultry. Servein hollowed-out tomatoes or papaya halves. Combine cold sliced roast beef with chopped onion, canned anchovyfillets, capers, hard-cooked egg quarters with an oil-and-vinegardressing to make a cold, but cooked, tartare salad. Make a Caesar salad with tuna in addition to the anchovies. For tofu lovers, add peanuts, chopped celery, diced green pepper anda dressing of one part sugar, one part sesame oil and six parts lightsoy sauce to fresh bean curd cakes, cut into half-inch cubes andserve at room temperature. Don't forget tabbouleh, a salad of bulgur, chopped tomatoes,scallions, herbs and dressed with lemon juice and olive oil.

So, if you're in the mood, give the recipe below a shot. Ifyou're not in the mood, do yourself a favor. Go out to eat. CRAB RAVIGOTE Adapted from The New Doubleday Cookbook by Jean Anderson and ElaineHanna (Doubleday, $16.95) 1 1/2 pounds fresh lump or backfin crabmeat, picked over well 1/4 cup tarragon vinegar 3/4 cup mayonnaise 1/2 medium-sized yellow onion, minced 2 tablespoons capers, minced 1 tablespoon minced chives 1 teaspoon minced parsley 1 teaspoon minced tarragon 1 tablespoon slivered pimiento (optional)

Mix crabmeat and vinegar, cover and marinate in refrigerator 2hours, turning now and then. Drain off vinegar and mix with all butpimiento, pour over crab, toss well, and arrange on lettuce or inavocado halves. Garnish with pimiento and serve to 6.

Stocks recover as US returns in upbeat mood

LONDON (AP) — A perkier than anticipated return from the Thanksgiving break on Wall Street helped European markets recover from earlier losses Friday when sentiment had been ravaged by hugely disappointing bond auctions in Italy, the eurozone's third-largest economy.

Futures markets had been indicating declines at the U.S. open. Instead, investors used the opportunity to buy up beaten-down stocks, albeit in thin volumes — many traders usually tag on Friday to their Thanksgiving break too. The Dow Jones industrial average was up 0.8 percent at 11,351, while the broader Standard & Poor's 500 index rose 0.9 percent to 1,172.

The bright opening on Wall Street helped shore up European markets, which have experienced a long run of reverses — Britain's FTSE 100 index of leading British shares for example has just sustained nine straight days of declines, its longest such sequence since early 2003 in the run-up to the U.S.-led invasion of Iraq.

With about an hour to go, the FTSE was up 1.4 percent at 5,199, while Germany's DAX rose 1.8 percent to 5,526. The CAC-40 in France was 1.7 percent higher at 2,871.

Even Italy's stock market was 0.3 percent higher despite the earlier auctions, which provided yet more evidence of the task facing the country's new technocratic government. Italy's new premier Mario Monti faces a big battle to convince the markets it has a strategy to get a grip on the country's massive debts.

Italy had to pay an average yield of 7.814 percent to raise €2 billion ($2.67 billion) in two-year bills. That rate was sharply higher on the 4.628 percent it had to pay in the previous auction in October. And even raising €8 billion ($10.7 billion) for six months proved exorbitantly expensive. The yield for this auction spiked to 6.504 percent, nearly double the 3.535 percent rate in the last equivalent auction last month.

Following the grim news on the auction front, Italy's borrowing rates in the markets skyrocketed, with the ten-year yield spiking 0.34 percentage point to 7.30 percent — above the 7 percent threshold that is widely considered unsustainable in the long-run and eventually forced Greece, Ireland and Portugal had to seek financial bailouts.

The renewed rise is likely to renew tensions over Italy's debts, which stand at €1.9 trillion ($2.6 trillion), or a huge 120 percent of its economic output. Europe's current anti-crisis measures are too not big enough to deal with Italy's debt mountain.

The improved stock market tone allowed the euro to recoup some earlier losses. It was trading 0.3 percent lower only at $1.3285, having earlier dropped to a seven-week low of $1.3211.

Aside from Europe's debt crisis, traders in the U.S. were bracing for a crucial test of the world's No. 1 economy — so-called Black Friday, the day that kicks off the holiday shopping season. How well retailers do will have consequences for the still-fragile U.S. economic recovery, as well as for the global economy.

Earlier in Asia, trading was sluggish. Japan's Nikkei 225 index closed marginally down at 8,160.01 while Hong Kong's Hang Seng dropped 1.4 percent to 17,689.48.

In mainland China, the benchmark Shanghai Composite Index lost 0.7 percent to 2,380.22, its lowest closing level in a month.

Oil prices tracked equities higher — benchmark crude for January delivery was up 61 cents at $96.79 a barrel in electronic trading on the New York Mercantile Exchange.

___

Pamela Sampson in Bangkok contributed to this report.

DHT Holdings CEO stepping down

DHT Holdings Inc. says CEO Ole Jacob Diesen will step down on March 31 and a member of the board will become acting CEO of the shipping company.

DHT said Thursday that its board and Diesen decided it would be best to "turn to new leadership as the company pursues a more growth-oriented strategy."

Diesen had been CEO since the company's initial sale of stock to the public in 2005, and he will remain a consultant for six months, the company said.

The acting CEO will be director Randee Day, who will also serve as acting CEO of the company's DHT Maritime Inc. subsidiary, effective April 1. She will stay on the board of both companies but step down from the compensation and corporate governance committees, DHT said.

DHT said Day wants the job permanently, and it will also search inside and outside the company for other candidates.

Day has been a director since DHT went public. She also leads maritime investment banking at the Seabury Group and previously ran her own consulting firm, the company said.

DHT shares rose a penny to $4.10 in midday trading. They have ranged from $3.30 to $5.82 over the past year.

Earnings Preview: Swiss Franc to hit Nestle H1

GENEVA (AP) — Swiss food and drink giant Nestle SA reports its half-year results before the Zurich stock market opens Wednesday.

WHAT TO WATCH FOR: Nestle is still selling more coffee, ice cream and ready meals than its competitors. But because it reports earnings in Swiss francs, the Vevey-based company is expected to post lower first-half net profits than in 2010.

The owner of brands such as Nescafe, Haagen Dazs and Jenny Craig is astute at juggling rising commodity costs, inflation and product prices. In recent months it has made significant acquisitions in emerging markets such China to make up for consumer cutbacks in Europe and the United States.

But Nestle has been unable to escape the effects of the strong Swiss franc, which on paper make it appear to be earning less even though its profits continue to rise in constant currencies.

WHY IT MATTERS: Nestle employs about 280,000 people worldwide and is a major buyer of raw materials. The company's results reflect the state of the global economy and indicate future demand for commodities such as cocoa, wheat, coffee and sugar.

WHAT'S EXPECTED: Analysts at investment firm AllianceBernstein predict half-year net profit of 4.72 billion Swiss francs ($6.17 billion), with sales of 40.9 billion francs.

LAST YEAR'S HALF: Nestle reported a net profit of 5.45 billion francs (then $5 billion) and sales of 47.1 billion francs in the first half of 2010.

Body Found in River That of US Soldier

BAGHDAD - A body pulled from the Euphrates River south of Baghad Wednesday was identified as one of three American soldiers abducted two weeks ago in an ambush claimed by al-Qaida, a relative said.

A second body was also found in the area but there was no immediate word if it was also one of the missing soldiers, according to a U.S. military official who requested anonymity because the information has not yet been released.

Military officials told the family of Pfc. Joseph Anzack Jr. of Torrance, Calif., that a commanding officer identified the remains recovered from the river, but that DNA tests were still pending.

"They told us, 'We're sorry to inform you the body we found has been identified as Joe,'" said the soldier's aunt, Debbie Anzack. "I'm in disbelief."

Anzack, 20, vanished along with the two others after their combat team was ambushed May 12 about 20 miles outside of Baghdad. Five others, including an Iraqi, were killed in the ambush, subsequently claimed by al-Qaida.

American forces also disclosed nine more deaths Wednesday, raising to 20 the number of U.S. troops killed in four days.

The spike in American deaths and the discovery of the bodies come at a difficult moment for Washington, where the Bush administration and Congress are struggling to agree on funding for the unpopular war. The search for the captured soldiers has also taken thousands of troops out of the pool of forces for the Baghdad security crackdown.

Nationwide at least 104 people were killed in sectarian violence or found dead Wednesday, including 32 who perished in suicide bombings. One bombing took place 60 miles west of the capital, the other in a city to the east near the Iranian border.

In the search for U.S. soldiers, thousands of U.S. and Iraqi forces have trudged in temperatures above 110 degrees through desert and lush farmland, sometimes wading in sewage-polluted irrigation ditches.

Maj. Gen. William Caldwell, the chief U.S. military spokesman in Iraq, said the remains, later identified as those of Anzack, were recovered by Iraqi police.

Witnesses said the police using civilian boats searched for other bodies on the river in Musayyib, about 40 miles south of Baghdad, and U.S. troops intensified their presence on a nearby bridge as helicopters flew overhead, witnesses said.

Hassan al-Jibouri, 32, said he saw the body with head wounds and whip marks on its back floating on the river Wednesday morning. He and others then alerted police.

The military has warned that U.S. casualties were likely to increase as troops made more frequent patrols during the U.S.-led security crackdown in Baghdad, now in its fourth month.

The other missing soldiers are Spc. Alex R. Jimenez, 25, of Lawrence, Mass.; and Pvt. Byron W. Fouty, 19, of Waterford, Mich.

At Jimenez's father's home in Lawrence, a former mill city north of Boston, a yellow ribbon also was tied on the front door. Ramon Jimenez, who speaks Spanish, said through a translator in a cell phone conversation that he has been bouyed by the support of friends and family.

"The hope is very high that God is going to give Alex back to him," said Wendy Luzon, a family friend who translated the conversation and has been serving as a spokeswoman for the family.

In Commerce Township, Mich., about 25 miles northwest of Detroit, a dozen trees that line the road leading to Fouty's high school were adorned with yellow ribbons.

Fouty's step-grandmother, Mary Dibler of Oxford, Mich., said the family was heartened by the support but saddened by the news about Anzack.

"We're just continuing the same as we have been, one day at a time," Dibler said. "We continue to pray; that's all we can do."

Iraqi Prime Minister Nouri al-Maliki, meanwhile, announced he was ready to fill six Cabinet seats vacated by politicians loyal to radical anti-American Shiite cleric Muqtada al-Sadr in a mass resignation last month.

Al-Sadr, who went into hiding in Iran at the start of the Baghdad security crackdown, ordered his ministers to quit the government over al-Maliki's refusal to call for a timetable for U.S. withdrawal.

The deaths of the seven soldiers and two Marines in a series of attacks Monday and Tuesday brought the American death toll for the month to at least 80. Last month, 104 U.S. troops were killed in Iraq.

One of Wednesday's suicide bombings hit a cafe in the town of Mandali, on the Iranian border 60 miles east of Baghdad. The attacker walked into the packed cafe and blew himself up, killing 22 people and wounding 13, police said.

The cafe in the mixed Sunni, Shiite and Kurdish city was popular with police officers - but none was there at the time, police said. A man in his 30s wearing a heavy jacket despite the heat was seen walking into the cafe seconds before the blast, according to police.

In the second suicide assault, a bomber blew himself up in the house of two brothers who were supporting a Sunni alliance opposed to al-Qaida in Anbar province, killing 10 people, including the men, their wives and children, police Lt. Col. Jabar Rasheed Nayef said.

The attacker, a 17-year-old neighbor, broke into the house of the two men, Sheik Mohammed Ali and police Lt. Col. Abed Ali, and detonated his bomb belt late Tuesday in Albo Obaid, about 60 miles west of Baghdad.

The targeted men were part of the Anbar Salvation Council, a group of Sunni tribal leaders backing the government's fight against al-Qaida.

In Washington, National Security Council spokesman Gordon Johndroe said U.S. and Iraqi officials were planning to increase again the number of Iraqi security forces to help quell violence in the country.

The review was undertaken as President Bush's new military-political team in Iraq - commander Gen. David Petraeus and U.S. Ambassador Ryan Crocker - assessed strategy for the four-year-old war.

"Gen. Petraeus and Ambassador Crocker have been working on the specific tactics" needed for the strategy President Bush announced in January - a troop buildup to calm Baghdad so Iraqis can make political and economic progress, Johndroe said.

About 337,000 Iraqi police and soldiers had been trained and equipped as of May 9, according to Defense Department statistics. Officials hope to have the currently planned 365,000 in place by the end of the year, Brig. Gen. Michael Jones, deputy director for political-military affairs in the Middle East for the Joint Chiefs of Staff, told lawmakers Tuesday.

---

AP correspondents Lolita Baldor in Washington, Glen Johnson in Lawrence, Mass., David Aguilar in Commerce Township, Mich., and Jeremiah Marquez in Torrance, Calif., contributed to this report.

Shopping: Mad Thing

IF YOU are wondering where to buy a utility belt like Batman's,look no further than the Gerber Multi-Lite This fantastic littledevice - 01707 852245 for stockists or a catalogue - is three-and-a-half inches of stainless steel that includes two screwdrivers, a canopener, scissors and a pair of tweezers. Everything, bar the Bat-kitchen sink, that the average superhero could ever need. Availablein various colours, the kit costs pounds 39.99 and is perfect for aglove box, a handbag or an adventurous pocket.

Shopping: Mad Thing

IF YOU are wondering where to buy a utility belt like Batman's,look no further than the Gerber Multi-Lite This fantastic littledevice - 01707 852245 for stockists or a catalogue - is three-and-a-half inches of stainless steel that includes two screwdrivers, a canopener, scissors and a pair of tweezers. Everything, bar the Bat-kitchen sink, that the average superhero could ever need. Availablein various colours, the kit costs pounds 39.99 and is perfect for aglove box, a handbag or an adventurous pocket.

Shopping: Mad Thing

IF YOU are wondering where to buy a utility belt like Batman's,look no further than the Gerber Multi-Lite This fantastic littledevice - 01707 852245 for stockists or a catalogue - is three-and-a-half inches of stainless steel that includes two screwdrivers, a canopener, scissors and a pair of tweezers. Everything, bar the Bat-kitchen sink, that the average superhero could ever need. Availablein various colours, the kit costs pounds 39.99 and is perfect for aglove box, a handbag or an adventurous pocket.

CBS buying online news and information company CNet for $1.8B, widens Internet exposure

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 (euro1.16 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 the day before and seemed likely to resolve a looming proxy battle with its biggest investor, the hedge fund Jana Partners LLC, which has pressed for action to raise CNet's stock price. Jana declined to comment.

Like other media companies CBS has been working quickly to expand its online audience as more viewers and advertisers go there. The CNet acquisition is the largest since the company brought on the technology executive Quincy Smith in late 2006 to lead its digital strategy. Last year CBS bought the music-focused online social network Last.fm for $280 million (euro180.95 million).

Speaking on a conference call with reporters, CBS's chief executive, Leslie Moonves, said acquiring CNet would lift CBS into the top 10 online audience companies in the United States, giving CBS new ways to distribute its news, entertainment and other programming.

CNet receives about 32 million unique visitors per month and CBS gets about 25 million, according to data from comScore Inc.

Moonves predicted that the combined online revenues of CNet and CBS's own online properties would reach $1 billion (euro650 million) by 2010 or 2011. Last year CNet alone posted revenue of just over $400 million.

CNet investors cheered the deal, sending the company's shares up $3.46, or 43.5 percent, to $11.41. CBS shareholders were less optimistic, and pushed that company's shares down 59 cents, or 2.4 percent, to $24.23. Citigroup analyst Jason Bazinet said in a note that the "pricing risk is high" for CBS.

The high premium CBS is paying reflected both the urgent desire of media companies to build online audiences for their programming as their viewers and advertisers go there but also the relative scarcity of potential acquisition targets that can offer such reach. Acquiring online audiences was a main goal behind Microsoft Corp.'s recently failed bid to acquire Yahoo Inc.

Jefferies & Co. analyst Youssef Squali wrote in a note to investors that CBS's purchase of CNet could spark another round of deal activity in the sector, with personal finance site Bankrate Inc. and online advertising company ValueClick Inc. the most likely candidates.

CNet has faced harsh criticism from dissident investors in recent months who say the company should be doing more to restore the $1 billion (euro650 million) in shareholder value that has disappeared since December 2005.

CNet is known for technology reviews but has also expanded into entertainment areas with sites that include ZDNet, GameSpot.com and mp3.com. It also owns the highly valuable Internet domains names TV.com, Radio.com and News.com _ names that would have clear associations with CBS's television, radio and news businesses.

Allen Weiner, a research analyst at Gartner Inc., said CNet had made a strong brand name for itself in technology news but had stumbled in previous efforts to expand that franchise into other media outlets such as TV and radio, a shortfall that could be fixed under ownership by CBS with its a large array of TV and radio properties.

Steve Weinstein, an analyst with Pacific Crest Securities, said CBS will have some work to do in order to get the most out of CNet's businesses, which he said have been "underperforming the market for quite a while."

"CNet has a lot of great brands but the growth hasn't really been there," Weinstein said. "I think there's a lot of work to be done behind the scenes. It will be interesting to see if they have the know-how to do it."

CNet was founded in 1992 by Shelby Bonnie and Halsey Minor. Bonnie was chief executive until 2006, when he resigned amid an accounting scandal related to the timing of stock option grants.

To clean up that mess, CNet took non-cash charges of $105.7 million (euro68.31 million) during the 10 years ended in 2005 and restated its financial statements. Bonnie, one of the company's largest holders, still owns about 10.1 million shares and stands to get a windfall of $116.2 million (euro75.09 million) from the sale.

___

AP Business Writers Jeremy Herron and Rachel Metz in New York contributed to this report.

CBS buying online news and information company CNet for $1.8B, widens Internet exposure

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 (euro1.16 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 the day before and seemed likely to resolve a looming proxy battle with its biggest investor, the hedge fund Jana Partners LLC, which has pressed for action to raise CNet's stock price. Jana declined to comment.

Like other media companies CBS has been working quickly to expand its online audience as more viewers and advertisers go there. The CNet acquisition is the largest since the company brought on the technology executive Quincy Smith in late 2006 to lead its digital strategy. Last year CBS bought the music-focused online social network Last.fm for $280 million (euro180.95 million).

Speaking on a conference call with reporters, CBS's chief executive, Leslie Moonves, said acquiring CNet would lift CBS into the top 10 online audience companies in the United States, giving CBS new ways to distribute its news, entertainment and other programming.

CNet receives about 32 million unique visitors per month and CBS gets about 25 million, according to data from comScore Inc.

Moonves predicted that the combined online revenues of CNet and CBS's own online properties would reach $1 billion (euro650 million) by 2010 or 2011. Last year CNet alone posted revenue of just over $400 million.

CNet investors cheered the deal, sending the company's shares up $3.46, or 43.5 percent, to $11.41. CBS shareholders were less optimistic, and pushed that company's shares down 59 cents, or 2.4 percent, to $24.23. Citigroup analyst Jason Bazinet said in a note that the "pricing risk is high" for CBS.

The high premium CBS is paying reflected both the urgent desire of media companies to build online audiences for their programming as their viewers and advertisers go there but also the relative scarcity of potential acquisition targets that can offer such reach. Acquiring online audiences was a main goal behind Microsoft Corp.'s recently failed bid to acquire Yahoo Inc.

Jefferies & Co. analyst Youssef Squali wrote in a note to investors that CBS's purchase of CNet could spark another round of deal activity in the sector, with personal finance site Bankrate Inc. and online advertising company ValueClick Inc. the most likely candidates.

CNet has faced harsh criticism from dissident investors in recent months who say the company should be doing more to restore the $1 billion (euro650 million) in shareholder value that has disappeared since December 2005.

CNet is known for technology reviews but has also expanded into entertainment areas with sites that include ZDNet, GameSpot.com and mp3.com. It also owns the highly valuable Internet domains names TV.com, Radio.com and News.com _ names that would have clear associations with CBS's television, radio and news businesses.

Allen Weiner, a research analyst at Gartner Inc., said CNet had made a strong brand name for itself in technology news but had stumbled in previous efforts to expand that franchise into other media outlets such as TV and radio, a shortfall that could be fixed under ownership by CBS with its a large array of TV and radio properties.

Steve Weinstein, an analyst with Pacific Crest Securities, said CBS will have some work to do in order to get the most out of CNet's businesses, which he said have been "underperforming the market for quite a while."

"CNet has a lot of great brands but the growth hasn't really been there," Weinstein said. "I think there's a lot of work to be done behind the scenes. It will be interesting to see if they have the know-how to do it."

CNet was founded in 1992 by Shelby Bonnie and Halsey Minor. Bonnie was chief executive until 2006, when he resigned amid an accounting scandal related to the timing of stock option grants.

To clean up that mess, CNet took non-cash charges of $105.7 million (euro68.31 million) during the 10 years ended in 2005 and restated its financial statements. Bonnie, one of the company's largest holders, still owns about 10.1 million shares and stands to get a windfall of $116.2 million (euro75.09 million) from the sale.

___

AP Business Writers Jeremy Herron and Rachel Metz in New York contributed to this report.

CBS buying online news and information company CNet for $1.8B, widens Internet exposure

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 (euro1.16 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 the day before and seemed likely to resolve a looming proxy battle with its biggest investor, the hedge fund Jana Partners LLC, which has pressed for action to raise CNet's stock price. Jana declined to comment.

Like other media companies CBS has been working quickly to expand its online audience as more viewers and advertisers go there. The CNet acquisition is the largest since the company brought on the technology executive Quincy Smith in late 2006 to lead its digital strategy. Last year CBS bought the music-focused online social network Last.fm for $280 million (euro180.95 million).

Speaking on a conference call with reporters, CBS's chief executive, Leslie Moonves, said acquiring CNet would lift CBS into the top 10 online audience companies in the United States, giving CBS new ways to distribute its news, entertainment and other programming.

CNet receives about 32 million unique visitors per month and CBS gets about 25 million, according to data from comScore Inc.

Moonves predicted that the combined online revenues of CNet and CBS's own online properties would reach $1 billion (euro650 million) by 2010 or 2011. Last year CNet alone posted revenue of just over $400 million.

CNet investors cheered the deal, sending the company's shares up $3.46, or 43.5 percent, to $11.41. CBS shareholders were less optimistic, and pushed that company's shares down 59 cents, or 2.4 percent, to $24.23. Citigroup analyst Jason Bazinet said in a note that the "pricing risk is high" for CBS.

The high premium CBS is paying reflected both the urgent desire of media companies to build online audiences for their programming as their viewers and advertisers go there but also the relative scarcity of potential acquisition targets that can offer such reach. Acquiring online audiences was a main goal behind Microsoft Corp.'s recently failed bid to acquire Yahoo Inc.

Jefferies & Co. analyst Youssef Squali wrote in a note to investors that CBS's purchase of CNet could spark another round of deal activity in the sector, with personal finance site Bankrate Inc. and online advertising company ValueClick Inc. the most likely candidates.

CNet has faced harsh criticism from dissident investors in recent months who say the company should be doing more to restore the $1 billion (euro650 million) in shareholder value that has disappeared since December 2005.

CNet is known for technology reviews but has also expanded into entertainment areas with sites that include ZDNet, GameSpot.com and mp3.com. It also owns the highly valuable Internet domains names TV.com, Radio.com and News.com _ names that would have clear associations with CBS's television, radio and news businesses.

Allen Weiner, a research analyst at Gartner Inc., said CNet had made a strong brand name for itself in technology news but had stumbled in previous efforts to expand that franchise into other media outlets such as TV and radio, a shortfall that could be fixed under ownership by CBS with its a large array of TV and radio properties.

Steve Weinstein, an analyst with Pacific Crest Securities, said CBS will have some work to do in order to get the most out of CNet's businesses, which he said have been "underperforming the market for quite a while."

"CNet has a lot of great brands but the growth hasn't really been there," Weinstein said. "I think there's a lot of work to be done behind the scenes. It will be interesting to see if they have the know-how to do it."

CNet was founded in 1992 by Shelby Bonnie and Halsey Minor. Bonnie was chief executive until 2006, when he resigned amid an accounting scandal related to the timing of stock option grants.

To clean up that mess, CNet took non-cash charges of $105.7 million (euro68.31 million) during the 10 years ended in 2005 and restated its financial statements. Bonnie, one of the company's largest holders, still owns about 10.1 million shares and stands to get a windfall of $116.2 million (euro75.09 million) from the sale.

___

AP Business Writers Jeremy Herron and Rachel Metz in New York contributed to this report.