ViacomCBS in Talks to Sell CNET

[Y2kTheNewOldies]

https://www.hollywoodreporter.com/news/viacomcbs-in-talks-to-sell-cnet

The possible sale is the latest as the studio, led by CEO Bob Bakish, looks to unload non-core assets after Viacom and CBS merged.

Viacom is in talks to sell CNET after receiving informal takeover offers earlier this year, The Hollywood Reporter has confirmed.

A representative for ViacomCBS declined to comment to THR on a possible sale of CNET, which offers consumer electronics product reviews and news.

CBS bought CNET in 2008 for $1.8 billion. ViacomCBS is in the midst of selling off non-core assets after Viacom's merger with CBS.

Other assets on the auction block include CBS' longtime Manhattan headquarters Black Rock and book publisher Simon & Schuster.

Note this is in proposal as of this posting.

 

[Y2kTheNewOldies]

https://variety.com/2020/digital/news/cnet-viacomcbs-sells-red-ventures-1234768810/

Here is an update of CBS selling CNET.

ViacomCBS is offloading CNET Media Group in a $500 million deal with digital-marketing company Red Ventures, which announced the deal Monday.

Under the deal, CNET Media Group EVP and GM Mark Larkin, along with the unit’s senior execs, will remain with Red Ventures following the acquisition. The CNET sale is expected to close in the fourth quarter of 2020. CNET Media Group has 980 employees and “our plan is to grow CNET in ways unforeseen,” a Red Ventures rep told Variety. She declined to address whether the company anticipates any layoffs following the deal close, saying that “right now we’re focusing on how we grow.”

CBS acquired CNET Networks in 2008 for $1.8 billion. In addition to the flagship CNET consumer-tech site, the CNET Media Group also houses brands including GameSpot, the Metacritic reviews-aggregation site, TVGuide.com, Chowhound, Roadshow, and B2B tech site ZDNet.

 

[TheBigA]

Sounds like a fire sale.