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CNET Networks to be acquired by CBS

In a deal valued at $1.8bn, US media company CBS has announced that it has agreed to acquire CNET Networks, the parent company of CNET.co.uk

Today, CNET Networks announced that it has agreed to be acquired by US media company CBS, in a deal valued at $1.8bn. The agreement represents an important strategic step for both companies and should be completed by the third quarter of 2008.

CNET Networks operates a global network of sites that include consumer facing technology review sites, such as CNET.co.uk, CNET.com and SmartPlanet.com, business sites such as ZDNet and silicon.com and general entertainment sites such as TV.com and MP3.com. CBS owns one of the largest televisions stations in the US as well as major online brands such as LastFM and CBSSports.com.

The move should enable both companies to extend their reach, with CNET offering a way for CBS to access a large online audience and CNET being able to offer much of its high-quality video content via CBS broadcast media.

More information can be found in this press release.