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CBS Corporation has announced that it has completed the acquisition of CNET Networks Inc. The announcement which came on Monday also added that the CNET Networks’ operations will be merged in a new division of CBS Interactive. The new division integrates top most online brands of both companies in a single business unit. The announcement was made by President and Chief Executive Officer of CBS Corporation, Leslie Moonves.

Moonves on the occasion said :

This marks day one for the new CBS Interactive.

From entertainment, news and sports to technology, games and business, the combination of CBS and CNET Networks gives us the content and scale to be leaders on a platform that is gaining audience share faster than any other. Our unparalleled collection of sites will be an extremely powerful vehicle for advertisers to reach highly attractive demographics. At the same time, CBS Interactive will extend and leverage the power of our traditional businesses, as well as serve as a platform to launch the next generation of leading interactive properties that will play a central role in CBS’s future. I couldn’t be happier to welcome all the people of CNET to the new CBS Interactive group. I know we’ll all do great things together.

According to ComScore’s report of May 2008, the combined assets of CBS Interactive in terms of unique users per month has made CBS the eighth largest web property internationally. Also it has made it to the top 5 premium content advertiser supported online network. It is now the top technology network run by CNET and stands second in sports and entertainment among men (aged 18-34).

The five major vertical categories of the newly extended business are intended to target people with similar set of mind. The five major categories described as per press release, are:

Technology:

CNET.com is the number one Web site in the computer and consumer electronics category, reaching more than 18 million people every month with daily premium content offerings. From the latest product reviews to breaking news from the digital world, as well as video and program downloads, CNET.com has become the leading destination for people looking to navigate today’s digital world.

Entertainment:

Representing the third largest online entertainment group on the web, the collective reach of CBS Interactive’s entertainment portfolio will now exceed 24 million users each month, and include many of the leading brands on the web today, including: TV.com, CBS.com, The CBS Audience Network, theInsider.com, GameSpot.com, Last.fm, and CHOW.com, among others. These are among the most visited entertainment destinations on the web today, each with their own identity and audience profile, and they continue to grow in users and time spent visiting. This past year, for instance, CBS.com market share grew a category-leading 41 percent. Combined with the power of America’s most watched network – CBS Television – CBS Interactive offers unparalleled consumer reach online and offline.

Sports:

CBS Interactive is a leader in athletic coverage, from sites devoted to professional sports to the largest collection of collegiate brands. Among its top destinations are CBSSports.com, CBSCollegeSports.com, NCAA.com, and MaxPreps.com, representing one of the digital world’s largest sports footprints. Working with its leading broadcast and radio properties, CBS offers the unique opportunity to reach a wide group of people who are passionate about sports across the internet, television and radio.

News:

Two of the strongest news sites in their own right, CBSNews.com, a leader in world news, and CNET News.com, the leader in technology news, combine to create the sixth largest property in the Current Events/Global News category. From breaking news and international reports to coverage of business, politics and technology, the combination of these two destinations gives users a global perspective they cannot find anywhere else.

Business:

Eighteen million users each month have come to rely on CBS Interactive’s business properties, which include BNET.com, the cornerstone of the business category, and leading sites like ZDNet and TechRepublic. Collectively, these assets are among the fastest growing destinations in the expanding business category and offer users the latest and most insightful business coverage, with unique perspectives on management and technology.

The new CEO will be Quincy Smith and Neil Ashe is named the President of CBS.

Quincy’s unique understanding of the interactive space has pushed CBS to the forefront of new media.

There are so many more promising market opportunities before us and I greatly look forward to his continued leadership as we evolve our company at this exciting time.

Neil brings a broad range of experience to this important new role.

His strong background as both a strategic executive and a results-oriented operator will add significant energy to this increasingly vital part of the CBS Corporation.

added Moonves.