Published , by Ozzie Mejia
Published , by Ozzie Mejia
This week is starting with a major shakeup in the gaming media world. ViacomCBS made news by selling off CNET Media Group to digital marketing company Red Ventures. While some might not be familiar with the name CNET Media Group, they will likely recognize the websites under its umbrella, which includes GameSpot and Giant Bomb, as well as reviews aggregator Metacritic.
According to GamesIndustry.biz, ViacomCBS is expected to sell the CNET Media Group assets for $500 million. The sale is set to close in Q4 2020. CBS first purchased the CNET Media Group assets back in 2008 for $1.8 billion.
"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 CEO and co-founder Ric Elias during the announcement (via Variety). "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 appears to be heading into the deal with optimism that the CNET properties can help the company grow its presence in the world of technology and gaming. There's no word on whether this deal will result in any layoffs, but a handful of CNET Media Group senior executives, including Executive Vice President/General Manager Mark Larkin, are already being shifted to Red Ventures as part of the deal.
We'll be sure to keep an eye on this story as it develops. If the statement from Giant Bomb's Jeff Gerstmann is any indication, things may be looking up for the CNET teams going forward.