CBS will pay $1.8 billion in cash to become the proud parent of CNet and its spawn GameSpot in a deal that's expected to close in the third quarter pending shareholder and regulatory approval. The acquisition values the company at $11.50 per share, a 45% premium over CNet's closing stock price on Wednesday, reports the Associated Press. Sheesh! Well, CBS, you've just been robbed "welcome to the internets" ... but as The Washington Post puts it, you've certainly got your work cut out for you not to become known as "CNet Buy Sunk."

This article was originally published on Joystiq.