CBS Interactive is making its largest digital acquisition ever, buying CNET Networks for $1.8 billion, according to the NY Times. This price tops the $1.6 billion that YouTube sold for to Google.
“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks,†he said in a press release Thursday. “Together, CBS and CNET Networks will have significant additional exposure to the fastest-growing advertising sector and can accelerate our growth through a number of new content, promotion and advertising initiatives.â€
CNET Networks includes cnet.com, bnet.com, news.com, tv.com, gamespot.com, mp3.com and search.com, among others.
Update: The acquisition will make CBS one of the 10 most popular Internet companies in the U.S. Says Les Moonves in an interview with PaidContent, “You see what we can do with integration, we can do with TV.com, News.com, the local things we can do with UrbanBaby and Chow, where we have a great deal of local presence on the CBS side, and the integration of CBS Sports with CNET and GameSport, the male-oriented sites.” So it looks like the local CBS O&Os will benefit from some content as well as some exposure.
Plus: Why the deal makes sense for CBS, and conversely, why it’s the “worst M&A deal of the year.” Let us know what you think in comments…