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CBS says agrees to buy web publisher CNET
Thursday May 15, 7:53 am ET

NEW YORK (Reuters) - CBS Corp (NYSE:CBS - News) said on Thursday it would to buy web media company CNET Networks Inc (NasdaqGS:CNET - News), for about $1.8 billion, in a deal that would broaden the television broadcaster's reach across the Internet.

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When the deal, worth $11.50 a share, is completed, CBS will have 54 million unique users per month, CBS said.

"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," the companies said in a statement.

CNET's many Internet's sites including ZDNet, GameSpot.com, TV.com, and MySimon. The company posted $406 million in revenue in 2007.

The transaction is expected to be completed in the third quarter of this year.

(Reporting by Franklin Paul; Editing by Derek Caney)

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