City's Bernardo Silva and Mateo Kovacic both misfired in the shootout to put Madrid in the driving seat
He was also fined 75,000 euros ($84,170).
Benzema, who had denied any wrongdoing, was not in court. He is due to play for the Spanish club against Moldovan side Sheriff Tiraspol later in the day.
Prosecutors had argued that Benzema had encouraged Valbuena to pay a suspected group of blackmailers in order to keep the sexually explicit tape out of the public eye. ($1 = 0.8910 euros)