CBS snaps up CNET for $1.8bn

The deal will see CNET's properties, which includes BNET, CNET, GameSpot, TV.com and CHOW, integrated into the CBS's network.

The deal came as CNET was trying to fend off a group of activist investors seeking to take control of its board of directors.

The deal forms part of CBS’s strategy to become a major player in the fast growing world of online advertising.

The acquisition puts CBS on the top 10 list of US Internet sites, the company said, with 54 million unique visitors per month.

Leslie Moonves, the chief executive of CBS, said:  “There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks.

“Together, CBS and CNET Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives.”

CBS said Thursday it would pay $11.50 for each CNET share, a substantial 45 percent premium to where the stock closed on Wednesday.

CBS has picked up smaller Web properties in the last year or so, including Last.fm, a music Web site for which it paid $280m, according to regulatory filings.

It also acquired Wallstrip, an irreverent financial Web program, and DotSpotter, a celebrity gossip site.

But at $1.8 billion, Thursday’s deal for CNET is the biggest by far in its recent Internet expansion.