CBS Acquires Online News Company CNet For $1.8 Billion

New York, NY (AHN) - Media and entertainment firm CBS Corp. and online news and information provider CNet Networks Inc. announced Thursday their merger with the former buying the latter for $1.8 billion.

The amount translates to $11.50 per share of CNET, 45 percent more than its closing price on Wednesday.

The deal pushed CNET's share up by $3.48 or 44 percent to $11.43 on Thursday but lowered CBS' shares by 89 cents or 3.6 percent to $23.93 as some viewed the purchase price as high.

According to CBSNews.com, CBS CEO Leslie Moonves said the acquisition will give the company access to CNET's large online audience, allow it to distribute content on CNet's online outlets, and tap CNet's significant online advertising sales.

CNET runs popular sites ZDNet, GameSpot.com, TV.com, mp3.com and News.com.