CBS' CEO Les Moonves Scores with another good aquisition.

Implications: With the acquisition of CNET, CBS will become one of the lworld's 10 argest Internet companies reaching massive audiences both domestically and globally.

Analysis: When Viacom split in to two companies at the beginning of 2006, "new" Viacom with its collection of satellite networks led by MTV was expected to reach bigger heights when unbundled from CBS, the stodgily-perceived "traditional" media company.  Instead, CBS continues making most of the news and their presence as a company grows stronger.

CBS CEO Les Moonves, long respected as a television executive, can certainly add Internet executive to his resume with the latest acquisition of CNET.  Once completed, the combined CBS-CNET websites and brands will make CBS one of the world's 10 top Internet companies, but most importantly, will be positioned to capture more advertising dollars as shifts continue from old media to online/digital media.

In addition to CNET, the acquired company has a number of highly regarded web sites under its umbrella, and as this article states, a key position in China.

This is both a timely and smart acquisition by Moonves.  Much like Rupert Murdoch's acquisition of MySpace, CBS is one of the key companies recognizing the growing economic value of the Internet as opposed to traditional broadcasting.