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CBS to acquire CNET Networks

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New York—CBS Corp. announced plans to acquire CNET Networks in a deal valued at about $1.8 billion.

“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks,” said Leslie Moonves, president-CEO of CBS, in a 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.”

Under the terms of the acquisition, CNET’s Web sites will be combined with CBS online properties, including CBS.com, CBSSports.com, CBSCollegeSports.com and CBSNews.com.

CNET Networks’ sites include CNET.com, ZDNet.com, BNet.com, TechRepublic.com and Search.com.

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