Ziff Davis acquires CNET Media Group from Red Ventures

The media industry records a remarkable transaction: Red Ventures is selling the CNET Media Group, four years after acquiring it for $500 million. According to information from The New York Times, the sale price is over $100 million. A spokesperson for Red Ventures, Ami Shukla, confirmed the sale to Ziff Davis, a New York-based media company. The transaction is expected to close in the third quarter of 2024. CNET, known for its news and reviews in the fields of technology and consumer electronics, was founded in 1994 and is based in San Francisco. Red Ventures acquired CNET in 2020 from Viacom CBS. The recent decision to sell CNET is intended to provide Red Ventures with a favorable position for further growth, according to Shukla. Red Ventures, headquartered in Fort Mill, South Carolina, currently employs around 1,800 people, with 800 of them working in the Charlotte area. The company specializes in internet marketing and media, operating numerous platforms including Lonely Planet and The Points Guy. The acquisitions of Lonely Planet, Bankrate, and Allconnect marked the peak of a four-year expansion phase until 2020. The acquisition of CNET by Ziff Davis marks another significant transformation in the media landscape.