In a bold move to increase the reach of the network on the Internet, the media giant CBS Corporation has announced it has intentions of buying CNET Internet Networks for nearly $1.8 billion dollars.

Broadcast Network To Acquire Web Media Company

New York- In a bold move to increase the reach of the network on the Internet, the media giant CBS Corporation has announced it has intentions of buying CNET Internet Networks for nearly $1.8 billion dollars.

The deal would add nearly 54 million users from CNET to CBS’s global database, as well as combining news, entertainment, and web access platforms.

Such a merger is not totally new but it is fairly unexpected. There has been a general unrest among a large group of investors who have wanted to shake up CNET Networks, led by economic activists at the hedge fund Jana Partners.

Current value of CNET Networks is nearly $11.50 a share at its close on Wednesday, and as of yet CBS has not spoken to the activist investors who are trying to shake things up at CNET.

No word yet of any comment from Jana Partners, nor is anyone at CNET speaking publicly about the deal.

Executives from CBS said the purchase would help them boost their earnings from the very beginning and that CBS Interactive and CNET would reach over $1 billion in combined revenue by 2011.