What The $500 Million CNET Media Deal Means For Red Ventures

Media giant ViacomCBS (VIAC) has sold its technology news brand CNET Media Group to Red Ventures for $500 million.

The deal, which also includes the Roadshow, CNET en Espanol, ZDNet, Gamespot, TVGuide, Metacritic, and Chowhound brands, comes after 25 years of owning the news outlet, which was picked up by CBS in 2008 for $1.8 billion.

ViacomCBS has been selling off some of its assets as it looks to move more firmly into the content streaming arena, Billboard reported. The company has also put Simon & Schuster up for sale along with its Manhattan headquarters, the news outlet said.

Red Ventures said that the senior leadership team will stay intact at CNET following the completion of the acquisition, which is expected to close in the fourth quarter of 2020.

“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,” Ric Elias, Red Ventures CEO and co-founder, said in a statement. “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.”

Red Ventures has grown its digital media portfolio to include more than 100 digital brands. The company has over 3,000 employees located in 10 U.S. cities, the U.K., and Brazil. With the acquisition of CNET, Red Ventures said it will mark its foray into the consumer technology and gaming market.

“Every aspect of our lives – from our homes to our jobs, our income, and our well-being is impacted by the technology around us, so the content we consume and the brands we choose are highly personal,” Marc McCollum, president of Red Ventures’ Media & Technology group, said in a statement. “Adding CNET Media Group to our portfolio will further advance our mission to help people make some of the most important decisions of their lives. It will be a win for our teams, for our businesses, and most of all, for visitors and fans of the CNET Media Group’s brands.”

The company also owns the NextAdvisor, Healthline.com, Medical News Today, Bankrate.com, The Points Guy, and CreditCards.com media brands.

Shares of ViacomCBS were trading at $29.69 as of 10:57 a.m. EDT, up 65 cents or 2.26%.