ViacomCBS Sells CNET For $500 Million
CNET Media Groups will be sold to Red Ventures by Viacom CBS for $500 million. Shari Redstone currently serves as chairman of ViacomCBS.
CBS acquired CNET in 2008 for $1.8 billion. So this means a pretty big loss for the company. After a period as separate companies, Viacom and CBS were “remarried” in 2019. Ever since, the company has been dumping its less viable assets.
CNET Media Group is a portfolio of world-class brands that reach close to 100 million unique visitors monthly, advising passionate consumers about everything they love. The CNET Media Group’s portfolio reaches diverse global audiences in technology, B2B, gaming, and entertainment. These iconic properties include the world’s largest tech media brand CNET, as well as GameSpot, ZDNet, Metacritic, TVGuide.com, Chowhound and more.
The transaction, which is expected to close in Q4 2020, is subject to regulatory approvals and customary closing conditions.
“I am incredibly excited about CNET Media Group’s future. I believe that the combination of Red Ventures customer experience platform and CNET Media Group’s rich content and deep editorial expertise greatly benefits both our audiences and our partners,” said Mark Larkin, Executive Vice President and GM of CNET Media Group. “Red Ventures shares our vision and is committed to realizing the full potential of our portfolio of world-class brands.”
“Red Ventures believes in the power of premium content from trusted brands that help people make better life decisions,” said Ric Elias, Red Ventures CEO and Co-Founder. “Over the last 25 years CNET Media Group has built a dynamic portfolio of brands with well-earned authority on such topics as consumer tech and gaming that play an increasingly important role in people’s lives. Red Ventures is eager to invest in CNET Media Group’s growth with more personalized consumer experiences that will reinvigorate CNET Media Group’s brands and unlock unprecedented opportunity for all.”