A new top 10 Web entity was officially born today with the announced acquisition of ZDNet by US-based online powerhouse CNET Networks.

The transaction, which received 99 percent shareholder approval at a recent CDNET Networks meeting, promises to leverage the already significant audience reach and penetration into the IT marketplace achieved by both companies.

"This is a merger of two high-growth companies that are already profitable," said Shelby Bonnie, CEO of CNET Networks. "This union enhances our opportunity to deliver shareholder value by leveraging our brands, data, commerce and service platforms around the world. As we've stated before, in 2001, we expect to grow revenues to approximately US$580 million."

Together, CNET Networks and ZDNet reach approximately 24 million people online around the globe.

According to a Nielsen NetRatings custom run in August 2000, the two companies reached 43 percent of professionals in the MIS/technical universe who are active online and at work, and nearly a quarter of all executives and managers who have purchase decision-making power at work.

"We're creating a company with global reach and we're moving very quickly to tap into new business opportunities," Dan Rosensweig, present of CNET Networks, said of the deal.

"At the time of the merger, we knew that technically our businesses fit well together. Now that we've had the opportunity to work closely together, we've learned that we share the same business philosophies and similar cultures. This across-the-board synergy will speed the process."