Red Ventures bought a media company for $500M, and is now selling it for over $100M
Red Ventures is selling CNET Media Group just four years after acquiring it for $500 million, Red Ventures confirmed to The Charlotte Observer Tuesday.
Red Ventures is selling the company for over $100 million, the New York Times reported.
New York City-based media company Ziff Davis is acquiring CNET, Red Ventures spokeswoman Ami Shukla confirmed. The deal is expected to close in the third quarter of 2024, Shukla said.
CNET posts news and reviews about tech and consumer electronics. CNET was founded in 1994 and is based in San Francisco.
Red Ventures sold CNET because it “positions (Red Ventures) well for continued growth,” Shukla said.
About Red Ventures
Red Ventures is a Fort Mill, South Carolina,-based internet marketing and media company.
It acquired CNET in 2020 from Viacom CBS. That acquisition was the last in a series of purchases, including Lonely Planet, Bankrate and Allconnect, over a four-year period ending in 2020. The company was founded over a decade ago. It now employs about 1,800 people total and 800 people in the Charlotte area, Shukla said.
Red Ventures is a media company that focuses on news, advice and news sites such as Lonely Planet and The Points Guy.
This story was originally published August 6, 2024 at 3:58 PM.
