The mainstream media conglomerate CBS announced on Thursday its decision to acquire the online technology content provider CNET after both companies’ boards of executives agreed on the $1.8 billion transaction.

CBS Broadcasting Inc. is one of the biggest television and radio networks in the United States. The company dates back to 1928 when everything started from a collection of 16 radio stations. At this point, the company has more than 32,000 employees, has an operating income announced at $2.6 billion and during 2007 has registered revenues of $14.1 billion.

CNET Networks Inc is a publicly-held media company based in San Francisco, California, founded in 1993 by Halsey Minor and Shelby Bonnie. The company owns a large variety of web sites, including ZDNet, GameSpot, TV.com, BNET, MP3.com, Metacritic, GameFAQs. The company managed to bring in $387 million in 2006, with a net income of $7.9 million. At the time, the company had approximately 2,000 employees.

CBS CEO Leslie Moonves explained that the company’s decision regards CNET’s sizable online audience and he predicted that the combined revenues of the two companies will surely reach $1 billion by 2010 or 2011 the latest.

CNET investors received the news with a very positive attitude, pushing the company’s shares up by 43.5 percent to $11.41. CBS shareholders decided on a much more reserved stance and sent the shares down by 2.4 percent to $24.23.

The aquisition is expected to be completed sometime during the summer.