CBS Corp. has acquired Cnet Networks Inc., a technology news provider, for about $1.8 billion to become one of the 10 largest Web site companies, reports Bloomberg News.

Cnet investors will receive $11.50 a share, which translates to a premium of 45% over the previous day’s closing price, the companies said in a statement today. CBS will combine its news, entertainment and sports Web sites with Cnet sites including ZDNet, GameSpot.com, TV.com, Chow and Search.com.

CBS is buying a profitable business that increased sales 10% last year to $405.9 million. CBS shares fell as much as 5% on concern the company is paying more than 100 times Cnet's estimated earnings for fiscal 2008.

``Given the growth performance by Cnet, the price is too rich,'' Robin Diedrich, an analyst at Edward Jones & Co. in New York told Bloomberg. She recommends investors hold CBS shares and doesn't own any. ``It's a bold move by CBS