CBS Seeks Internet Buzz

CBS Corp. Chief Executive Leslie Moonves had a bit role in "The Six Million Dollar Man" in 1977, but never made it as an actor. So maybe it's time that Mr. Moonves stop acting like an Internet dealmaker.

CBS's $1.8 billion cash acquisition of Web site operator CNET Networks Inc. is reminiscent of the tech-stock bubble. The CBS offer values CNET at a whopping 22 times Ebitda, according to Capital IQ data. CBS trades at about seven times. What's more, CBS is paying this fat premium when the advertising market is slowing.

Why is CBS overpaying for an asset with ...