CBS is buying CNET. For $1.8 billion in cash. While that might seem like a drop in the bucket compared to some buyout offers we've seen recently, that's still a lot of cash flowing from an old media company to a new one.

CBS is no stranger to new media. The company purchased the internet radio service Last.fm last year. But according to a press release put out by CBS this morning, this acquisition will make CBS "one of the 10 most popular Internet companies in the United States."

CNET Networks owns a whole slew of internet sites, including ZDNet, GameSpot, TV.com, MP3.com, Download.com, and of course, CNET and News.com.

[via Brian Alvey]