New York - CBS (NYSE: CBS) announced on Thursday that it has agreed to acquire CNET Networks (NASD: CNET), a technology publishing company that operates sites including News.com, ZDNet, GameSpot, TV.com and MP3.com, in a deal valued at $1.8 billion. CBS will pay $11.50 per share, an impressive 45% premium over CNET's share price at closing on Wednesday; CNET's board has unanimously approved the deal.

Expected to close in the third quarter, the deal will make CBS one of the top 10 U.S. Internet companies, in terms of traffic, attracting 54 million unique monthly visitors in the U.S. and around 200 million worldwide.

The deal will also end a dispute with CNET shareholders Jana Partners, which was attempting to elect new directors and propel the company in a different direction.

"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said CBS chief executive Les Moonves.

"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."

Other recent CBS acquisitions in the Internet space include its $280 million purchase of social music site Last.fm, and financial news Web show Wallstrip.

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