Monday 14th September 2020
Digital media and marketing company Red Ventures has announced it has purchased CNET Media Group from Viacom CBS for a total of $500 million.
The sale is expected to close in Q4 of 2020, with CNET Media Group EVP and GM mark Larkin and other senior executives moving to Red Ventures along with the acquisition.
Red Ventures declined to comment to Variety when asked if this acquisition would result in any layoffs.
CNET Media Group includes gaming outlets GameSpot and Giant Bomb, as well as reviews aggregator site Metacritic.
It was purchased by CBS back in 2008 for $1.8 billion, and CBS re-merged with Viacom in December of last year.
Red Ventures is a digital marketing and advertising agency that was founded in 2000, with a portfolio that currently includes health, finance, travel, entertainment, and other brands.
The company hopes the acquisition of CNET will speed its push into technology and gaming industries.
“Over the last 25 years CNET Media Group has built a dynamic portfolio of brands with well-earned authority on such topics as consumer tech and gaming that play an increasingly important role in people’s lives,” said Red Ventures CEO Ric Elias.
“Red Ventures is eager to invest in CNET Media Group’s growth with more personalized consumer experiences that will reinvigorate CNET Media Group’s brands and unlock unprecedented opportunity for all.”
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