CBS acquires CNET Networks for $1.8 billion

By Lisa Kerner

Charlotte, N.C., June 30 - CBS Corp. completed its acquisition of CNET Networks, Inc., merging CNET's operations into a newly expanded CBS Interactive division.

The combined assets of CBS Interactive now make CBS the eighth-largest web property worldwide in terms of monthly unique users, it was reported in a CBS news release.

Quincy Smith, president of CBS Interactive, was named chief executive officer of the division, and CNET leader Neil Ashe was named president of CBS Interactive, the release noted.

It was previously reported that CBS agreed to acquire CNET in a deal valued at $1.8 billion and expected to close in the third quarter of 2008.

San Francisco-based CNET is an interactive media company. CBS is a mass media company based in New York.

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