CBS on Thursday agreed to acquire pioneering Internet media company CNET Networks for $1.8 billion in cash.

“There are very few opportunities to acquire a profitable, growing, well-managed Internet company like CNET Networks," CBS CEO Leslie Moonves said in a statement.

Shares of CNET gained $3.46, or 43.52 percent, to $11.41 by closing trading.

The deal comes after intense speculation over the continued independence of the company and a battle for the board of the Internet media behemoth.

The San Francisco company operates such sites as News.com, GameSpot.com, TV.com, mp3.com, UrbanBaby, CHOW, Search.com, BNET, MySimon, TechRepublic, and ZDNet. CNET agreed to acquire rival Ziff-Davis for $1.6 billion in July of 2000.

CBS plans to roll the various CNET Networks destinations into its network of sites including CBS.com, CBSSports.com, CBSCollegeSports.com, MaxPreps.com, CBSNews.com, and others.

Since October 2006, analysts have speculated over potential CNET suitors, reports that only intensified amid an executive exodus (see CNET’s Stumble). The heat was turned up on CNET by hedge fund Jana Partners, which late last year began a battle for control of the Internet company’s board of directors.

The CBS deal came just two days after the Supreme Court of Delaware on Tuesday affirmed the Delaware Court of Chancery's decision to uphold Jana Partners affiliates to nominate board of directors members to CNET Networks.

Traditional media companies are clearly buying. In 2004, Dow Jones bought MarketWatch for $519 million. In 2005, The New York Times Co. bought About.com for $410 million, and InterActiveCorp bought Ask Jeeves for $1.85 billion. News Corp. in August 2007 agreed to acquire Dow Jones for $5.6 billion in a grab for The Wall Street Journal.