CBS Corp. has reached an agreement to acquire CNET Networks for $11.50 per share or $1.8 billion in cash. This represents more than 40% in premium to CNET’s closing price of $7.95 Wednesday.

According to CBS, the acquisition would make the company one of the top 10 Internet companies in the U.S., with a combined 54 million unique users a month and approximately 200 million users worldwide. Upon closing of the deal this third quarter of the year, CNET Networks’ sites will be combined with CBS’s stable of dynamic and growing interactive businesses. These include CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, last.fm, Wallstrip, MobLogic, CBS Radio and CBS Television Stations digital media platforms, and the distribution network of the CBS Audience Network, which is made up of more than 300 partner web sites and reaches 82% of all online users in the United States.

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