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NEW YORK - CBS Corp. says it agreed to buy online technology news and entertainment company CNet Networks Inc. for about $1.75 billion.
The New York media company says it has offered $11.50 per share for San Francisco-based CNet. The bid represents a 45 percent premium above CNet's closing price of $7.95 on Wednesday.
CBS says the deal will boost its online presence and allow it to tap the growing market for online advertising.
One of CNet's largest shareholder has been agitating for a shake-up at the company after its shares fell sharply in the past year. CNet's Web sites include News.com, TV.com, Mp3.com, MySimon and GameSpot.
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