CHARLOTTE – Red Ventures, a Charlotted-based firm that owns a number of digital brands, is buying CNET Media Group in a deal valued at $500 million.
CNET, operator of the tech news site CNET.com, is owned by ViacomCBS.
“Red Ventures believes in the power of premium content from trusted brands that help people make better life decisions,” said Ric Elias, Red Ventures CEO and cofounder, in a satement.
“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. 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.”
CNET includes tech news site ZDnet, Gamespot, TVGuide and Metacritic.
Mark Larkin, Executive Vice President and GM of CNET Media Group, and his management team will “continue their leadership,” the announcement explained.
“I believe that the combination of Red Ventures customer experience platform and CNET Media Group’s rich content and deep editorial expertise greatly benefits both our audiences and our partners,” Larkein said.
“Red Ventures shares our vision and is committed to realizing the full potential of our portfolio of world-class brands.”
The deal is expected to close later this year.
Red Ventures, a 20-year-old firm, operates more than 100 digital brands, including several acquired over the past three years.
