CBS Corporation today announced it would be acquiring CNET Networks Inc. for $1.8 billion, launching the company as a major online force. CNET's network sites include CNET.com, ZDNet, GameSpot.com, TV.com, CNET News, UrbanBaby, BNET, CHOW and Search.com, among others.

"There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," said CBS Corp. CEO Leslie Moonves. "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."

Moonves went on to note that the addition of CNET Networks expands CBS' reach, particularly for original content and and "advertising initiatives."