Ziff Davis inked an exclusive agreement deal to acquire CNET for more than $100 million, marking the third corporate parent for the pioneering tech news and reviews site in four years.
In 2008, CBS had acquired CNET Networks for $1.8 billion. In 2020, as Paramount Global (then known as ViacomCBS) was seeking to offload non-core assets, the media conglomerate sold CNET to digital-marketing company Red Ventures for$500 million.
CNET and companion tech site ZDNet would be the latest roll-up acquisition for Ziff Davis, whose digital media portfolio includes PC Mag, Mashable,IGN andLifehacker (which it bought from G/O Media last year). It’s a turnabout of sorts: In 2002, CNET Networks Inc., then a publicly traded company, closed a $1.6 billion deal to acquire Ziff-Davis Inc. (a separate entity from the current Ziff Davis) and ZDNet.
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A rep for Ziff Davis said the CNET deal is expected to close in the third quarter of 2024, subject to required regulatory approval and other customary closing conditions. The spokesperson declined to confirm a specific value for the proposed deal.
Ziff Davis CEO Vivek Shah, commenting on the company’s prospective deal to buy CNET from Red Ventures to the New York Times, said, “Technology and telecom products and services — whether for an individual, their home or business — continue to be complicated. There’s lots of choice that requires advice. So I think there’s just real editorial need for it.”
Last year, Red Ventures made significant layoffs at CNET, slashing its news and video staff by about 50% along with cuts at sister site ZDNet.
In 2022, Red Ventures sold several sites that had been part of CNET Media Group — TV Guide, metacritic, GameSpot and Giant Bomb — to Fandom for about $50 million. Following that sale,Fandom made layoffs across those properties.
CNET first launched in 1994, in the early days of the internet boom. The site covers technology, science and culture with news, reviews, buying guides, features and commentary.
