Just a month ago, DailyTech reported that CNET was on its way to cut 10% of its workforce affecting employees at CNET.com, Gamespot, News.com, and TV.com. The move came despite the fact that the company experienced commendable gains in growth and profits in recent years.

CBS has obviously been watching CNET's performance and decided to pull the online conglomerate into its fold. Today, CBS announced that it will buy CNET Networks for $1.8B in cash or $11.50 per share.

The acquisition of CNET will further push CBS' reach into internet ventures and help it to push its media content to 54 million users in the U.S. (200 million worldwide).

"CBS stands for premium content and unparalleled reach, and CNET will add a tremendous platform to extend our complementary entertainment, news, sports, music and information content to a whole new global audience," said CBS CEO Leslie Moonves. "Together, CBS and CNET will have significant additional exposure to the fastest growing advertising sector, and can accelerate our growth through a number of new content, promotion and advertising initiatives."

According to Moonves, the CNET's properties will be added to existing CBS online publications including CBS.com, CBSSports.com, and last.fm -- the combined entities will reach an estimated 82 percent of online users in the U.S.

Moonves was also very cordial to the management of CNET and commended them on building such an impressive online empire. "But we won’t just be gaining assets, we’ll be adding to our Company an incredible team of executives, managers and content creators who have made CNET one of the most envied collections of online destinations," added Moonves.

"I’m especially pleased that Neil Ashe, President of CNET Networks, will work closely with Quincy Smith, President of CBS Interactive, to combine the complementary businesses of both companies."

There was no mention if the acquisition will result in more layoffs for CNET employees.