CNET buys back $43 million convertibles

New York, Dec. 13 -CNET Networks, Inc. said it bought back $43 million of its 5% convertible subordinated notes due 2006, paying $28 million for the securities.

The San Francisco company said in a filing with the Securities and Exchange Commission it made the repurchases in four transactions through a registered broker-dealer between Nov. 13 and Dec. 13. Two of the transactions involved counterparties who also hold more than 5% of CNET's common stock but are not otherwise affiliated with the company.

CNET now has $114 million of the convertibles outstanding.

CNET noted that it in its quarterly report it had said that its management intends to "consider using cash to optimize our capital structure, which could include the repurchase, from time to time, of a portion of our outstanding debt securities or equity securities in the open market, in privately negotiated transactions or otherwise."

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