Baking multi-material diffuse with Cycles doesn't seem to be working :/

So I have 2 meshes, identical geometry, but one has multiple materials and another one has only one material.

I want to bake diffuse color from multi-material mesh to a single material mesh, so that instead of having bunch of materials and textures, I would have only 1 material with 1 textures.

After I bake selected to active, I only have one material/texture baked. The rest textures are baked as pink.

Any idea what’s happening?

Thanks!

Since you bake Texture Image which will be a part of the material not a Material itself…
Drop in Image node in each of the materials you have on original and bake one Image you apply to the other object.
http://www.pasteall.org/pic/show.php?id=98524

You probably would want Selected to Active if you had 2 different geos and one material/texture.