Media Moves

Investors seek takeover of CNet

January 7, 2008

Posted by Chris Roush

Andrew Ross Sorkin of The New York Times writes Monday that a group of investors are seeking to take over technology news company CNet.

CNetSorkin wrote, “Without commenting on the proposal, CNet said in a statement Sunday that under its new management it had ‘made significant strategic, financial, personnel and operational progress.’ It said the company had disposed of underperforming assets, made strategic acquisitions and recruited new managers.

“CNet also noted that it had added two independent members to its board.

“The company, founded in 1992, has more than 2,600 employees. It has been particularly hard hit because of increased competition in its core market from technology-focused blogs like TechCrunch, written by a handful of people at a fraction of the cost. In September, page views at TechCrunch surpassed those at CNet’s News.com, long considered the industry stalwart. In October, TechCrunch and its sister site had eight million page views compared with News.com’s six million page views, according to comScore Media Metrix.”

Read more here.

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