CBS to Pay $1.8 Billion for CNET Networks

CBS said Thursday it would buy CNET Networks for $1.8 billion in cash. I'm surprised that CBS hadn't made such a move a lot sooner. A year and a half ago, Leslie Moonves, the chief executive of CBS, told The New York Times that his efforts to expand CBS's Web footprint would not include expensive acquisitions. "We are not going to spend $1.6 billion on YouTube," he told The New York Times, referring to the video-sharing site that Google had recently bought. "We are looking for the next YouTube and Quincy knows all the players." Mr. Moonves now appears to have decided that CBS needs to spend at least that much to build out its Internet presence and make it attractive to advertisers. For more related news, please refer to here: http://finance.google.com/finance?q=CBS