SOFTBANK REALIZES GAINS ON SALE OF SHARES FOLLOWING COMPLETION OF MERGER BETWEEN CNET NETWORKS AND ZIFF-DAVIS IN THE UNITED STATES
Tokyo, Japan, December 27, 2000-SOFTBANK CORP. today announced the completion of merger procedures between Ziff-Davis Inc., a consolidated subsidiary, and CNET Networks, Inc.
SOFTBANK also disclosed that it has realized approximately 29.4 billion yen (approx. US$273 million at US$=108.00 yen) in gains on the sale of shares in Ziff-Davis. On July 21, 2000, SOFTBANK announced the merger, which occurred on October 17, 2000.
SOFTBANK will now reflect the share sale in its consolidated financial statements as part of gains on sales of investment securities. The merger entails the exchange of one Ziff-Davis share for 0.3397 CNET Networks share, so it will not affect SOFTBANK’s cash flow. SOFTBANK’s stake in CNET Networks is now 18.1%.
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