ViacomCBS Inc. is close to selling CNET Media Group to Red Ventures LLC, according to people familiar with the matter, for $500 million, reports Benjamin Mullin of The Wall Street Journal.
Mullin writes, “Red Ventures, a media and technology company, is expected to pay about $500 million to acquire the network of websites, which includes CNET, GameSpot and ZDNet, the people said. The deal could be announced as soon as Monday, assuming the talks don’t fall apart, the people said. Red Ventures’ initial interest in CNET was first reported by The Wall Street Journal last month.
“Fort Mill, S.C.-based Red Ventures has struck a series of deals in recent years that has made it an important competitor in the digital-media sector. It purchased Bankrate, a personal-finance website, in 2017 for $1.24 billion, and acquired health and wellness websites owned by Healthline Media for an undisclosed sum last year. It also owns the Points Guy, a travel-rewards site, and Reviews.com, which publishes information about consumer products.
“Red Ventures plans to invest in CNET, GameSpot and ZDNet, as well as to expand the company’s e-commerce business, the people said.”
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