May 16, 2008

CBS Goes All In [7:03 am]

CBS in Deal to Buy CNet to Increase Online Ads

On Thursday, CBS announced a $1.8 billion deal to buy the online media brand CNet Networks, home of Web sites like CNet.com (on technology), BNet (on business), GameSpot (on video games), TV.com (on television), and CHOW (on cooking).

CBS has been snapping up small Web sites in the last year or so, including Last.fm, a music Web site it bought for $280 million, according to regulatory filings. It also acquired Wallstrip, which makes irreverent financial-themed Web videos, and DotSpotter, a celebrity gossip site.

But at $1.8 billion, Thursday’s deal for CNet is the biggest by far in its recent Internet expansion, making the network — and therefore Mr. Smith — bigger players in online media.

Also CBS agrees to buy Internet media firm CNET (pdf); and an analysis over at Slate: Network 2.0

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