The Internet Company that began its existence as a television show, CBS Corporation announced Thursday that it would acquire CNet Networks Inc., one of the pioneering online providers of technology news and product reviews, for $1.8 billion cash.  

CBS Corp, the New York based American media conglomerate focusing on broadcasting, publishing, billboards, and television production, asserted that it would pay $11.50 a share, a 45% premium to where CNet shares traded before the deal was announced.

In a statement, Leslie Moonves, chief executive of CBS, said, "CNet Networks will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience. 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."

CNet Networks Inc. is a publicly-held media company based in San Francisco, California. It operates Web sites including news.com, ZDNet, GameSpot.com, TV.com and mp3.com.

Reacting to the news, CNet's stock surged up $3.46, or 43.5%, to close at $11.41 on heavy volume of 123.7 million shares. The company’s previous 52-week high of $9.88 was set last May. However, CBS shares declined 59 cents, or 2.4%, to finish the session at $24.23.