OLD Media Moves

RedVentures to acquire CNET for $500 million

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.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

Recent Posts

Indianapolis Biz Journal seeks a news editor

The Indianapolis Business Journal is looking for our next news editor, a role that focuses…

11 hours ago

Axios hires Berkowitz as ME for media and markets coverage

Axios has chosen Ben Berkowitz to be its next managing editor of business and markets.…

15 hours ago

Business Insider hires Ortega as director of newsroom operations

Business Insider editor in chief Jamie Heller sent out the following on Monday: I'm thrilled…

16 hours ago

Rest of World promotes Chandran to deputy editor

Rest of World editor in chief Anup Kaphle sent out the following on Monday: We are excited…

17 hours ago

FT hires Venugopal as India newsletter editor

The Financial Times has hired Veena Venugopal as its India newsletter editor. She has been working at…

17 hours ago

FT taps Parkin to be Middle East and Africa news editor

Benjamin Parkin has been named Middle East and Africa news editor at the Financial Times, based…

20 hours ago