CNET and its array of Internet properties have been acquired by CBS in a $1.8 billion acquisition. Paid Content says the deal is expected to close in Q3.
Said CBS CEO Les Moonves in the statement: "CBS stands for premium content and unparalleled reach, and CNET Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience. 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. We could not be more pleased with the prospect of adding CNET Networks and its tremendous team of people to the CBS family. I look forward to working with Quincy Smith, Neil Ashe and the considerable combined talent at both companies, as we build upon our success."
Among the sites in the CNET family that will be part of CBS Interactive pending approval: CNET, ZDNet, GameSpot.com, TV.com, mp3.com, CNET news.com, UrbanBaby, CHOW, Search.com, BNET, MySimon and TechRepublic. The company has also been building out its China operations, with sites devoted to womens content and auto.
The press release can be found here. CNET has a lot of blogs and websites with a considerable amount of traffic. CBS should be able to use these blogs and websites to help drive traffic to other CBS properties.
ReadWriteWeb calls CNET the "the granddaddy of all the blog networks on the web." They run a number of well-known blogs including Webware, The Iconoclast, The Social and Crave. You can see all of CNET's blogs here.
CNET and its array of Internet properties have been acquired by CBS in a $1.8 billion acquisition. Paid Content 
