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CBS and CNET Network has sealed an acquisition agreement that could probably be the next biggest acquisition deal after the failed Microsoft-Yahoo deal. Although the price involved in this acquisition is not as big as the Microsoft-Yahoo deal, the fact is both CBS and CNET Network own some of the most popular internet properties and combining them would elevate CBS into the ranks of the 10 most popular Internet companies in the US.

For a purchase price of $11.50 per share, CBS hopes to acquire CNET Networks by the close of the third quarter this year. Luckily for them, the CNET Board has unanimously approved the proposed deal valued at $1.8 billion.

This deal would certainly be most favorable to CBS, since if you combined the unique visitors of its Internet properties with that of CNET Networks, the company would gain around 54 million unique users per month, with a total of around 200 million users worldwide. This is certainly not a bad deal at all for both companies.

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Google has finally gotten what it has long wanted as the European Commission has cleared Google’s $3.1 billion buyout proposal to online advertising company DoubleClick. The EU has been deliberating on Google’s proposal since November 2007 after it has passed through the U.S. Anti-Trust Authorities.

In its in-depth investigation of the two companies involved, the EU has concluded that the pending transaction poses no threat to consumers in both ad serving and online advertising markets. Neither of the two companies exert significant competitive constraints on each other’s activities, the EU also note. Hence, the proposed Google acquisition will not affect competition within the European Economic Area (EEA).

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