In an effort to expand its online properties, CBS has announced that it would acquire CNET Networks for $1.8 billion in cash, which means $11.50 per share.

CNET Networks is a renowned Internet network whose properties comprise of news.com, TechRepublic, and ZDNet. Hence, through this acquisition CBS plans to enlarge its online existence and become one of the most highly visited Web brands.

In order to diversify its traditional broadcast revenues, CBS has been trying to jump over into the Web.

Leslie Moonves, CBS President and CEO, stated in a statement that there are very few opportunities to acquire a growing, profitable, and well-managed Internet based company like CNET Networks. He believes that CBS and CNET Networks will together have significant additional exposure to the fastest growing advertising sector and can speed up CBS’ growth through a number of fresh content, promotion, and advertising initiatives.

It has been difficult for CNET to stave off a group of activist investors who are led by the hedge fund Jana Partners, which caused this acquisition deal. The transaction is expected to get sealed in the third quarter, with shareholder approval pending.

As advertising dollars continue to migrate over the Internet, CBS has been trying to expand its online offerings with recent acquisitions over smaller vertical Web properties like the celebrity site Dotspotter.com and the music site Last.fm.

CBS expects that the acquisition will help it to attract 54 million unique monthly visitors, thereby making it one of the ten most visited networks on the Web.

It was only in last month that CNET announced a partnership with Yahoo to syndicate its cross-sell advertising and technology content. On this, Moonves said that the takeover will not lead to any change in the terms of CNET’s partnership with Yahoo, and indicated that he was confident of forming a closer relationship with the Web portal. This is no wonder as CBS and Yahoo have joined hands in the past as well.