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This is huge for CBS. There is not much I can really say, but WOW…

CBS has agreed to acquire CNET Networks in a deal valued at $1.8 billion, the companies said Thursday.

The purchase price comes to $11.50 per share, representing a 44 percent premium over Wednesday’s closing price of $7.95.

The acquisition will make CBS one of the 10 most popular Internet companies in the United States, with a combined 54 million unique users per month, and about 200 million users worldwide, the companies said.

The deal is expected to close in the third quarter. CNET’s board has unanimously approved the deal, the company said.

Cnet Press Release

I am really in shock at this announcement. I wonder how Matt Miller feels about it? He is a blogger for ZDnet, which I think is owned by Cnet as well.

Edit – I just checked out Matt’s Blog to see if he had chimed in yet and I didn’t see anything, but I did see the best picture ever….

Matt is geeking out in his Seattle Hotel Room with the new HTC Advantage 7510…. Head over to Matt’s Blog for more photos, etc…