CBS to Buy CNET Networks for $1.8 Billion

CBS will buy tech publishing giant CNET Networks for $1.8 billion. The deal, which values the online publisher's stock at $11.50 per share, has been approved by CNET's board.

The purchase will boost CBS's total online reach to a combined 54 million unique users per month in the U.S. and 200 million users worldwide.In addition to its flagship tech site CNET, CNET Networks owns and operates ZDNet, GameSpot.com, mp3.com, UrbanBaby, BNET, and TechRepublic.

"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 CEO Les Moonves said in a statement.

CBS said it hopes to close the transaction in the third quarter.