OLD Media Moves

ViacomCBS in talks to sell CNET for $500 million

August 18, 2020

Posted by Chris Roush

ViacomCBS Inc. is in talks to sell technology news and reviews site CNET to digital-media holding company Red Ventures LLC, reports Benjamin Mullin and Sahil Patel of The Wall Street Journal.

Mullin and Patel report, “The price being discussed for CNET is about $500 million, some of the people said. The deal isn’t final and talks could break down, the people said.

“Red Ventures—which operates consumer websites such as Bankrate and Reviews.com—and ViacomCBS declined to comment.

“ViacomCBS, formed last year through the merger of sister companies Viacom and CBS, is selling some parts of the combined company to shore up its balance sheet and use the additional cash on its video-streaming efforts.

“In addition to CNET, ViacomCBS is looking to sell Simon & Schuster, seeking at least $1.2 billion for the book-publishing company. ViacomCBS also said it plans to sell ‘Black Rock,’ CBS’s historic Midtown Manhattan headquarters, expected by some analysts to fetch at least $800 million.”

Read more here.

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