Shares of media company CNET Networks Inc, currently battling dissident shareholders who want to expand its board, soared more than 7 percent on Friday, on speculation that Google Inc might be interested in acquiring a stake in it.

Options volume also soared on the speculation.

“There is a rumor circulating that Google might have an interest in CNET. Therefore, the options volume has picked up dramatically on that rumor,” said William Lefkowitz, options strategist at brokerage firm vFinance Investments in New York.

I doubt it.  Google won’t be buying content anytime soon.  Won’t happen with NYT, or CNET.  Read more on why in this interview with Google VP of Content Partnerships David Eun:

The head of Google’s content partnerships insists that the Internet behemoth won’t be a competitor to traditional media. Producing content is “not our business,” he says. “Journalists, news bureaus — that’s not what we do.”

Read the interview or learn more on CNET/GOOG here and here.