In a bid to boost its reach across the internet, CBS is to acquire digital media content company CNet Networks for $1.8 billion in cash. The deal represents the broadcaster's biggest move yet to become a major player in online advertising and would also extend its properties with some of the most highly trafficked websites, including gamespot.com, tv.com, mp3.com, news.com.
The combined properties will have 54 million unique users per month in the US and 200 million worldwide. CNet's board has unanimously approved the offer and recommends CNet shareholders do the same. If everything goes as planned, the deal should close in the third quarter this year.
This is yet another example of old media coming together with the new as advertising dollars continue to migrate online, and it's certainly not the first such move on CBS's behalf. The broadcasting company has also acquired smaller web properties such as the popular music discovery site last.fm.
Editor's note: TechSpot has been negotiating a deal with CNET for advertising representation over the past few months. Whether this will benefit us, or even change things at all, remains to be seen.