Tech-focused website CNET is changing hands yet again.
Media giant Ziff Davis plans to purchase the outlet for $100 million from Red Ventures, Ziff Davis’ CEO Vivek Shah told the New York Times on Tuesday. Red Ventures acquired CNET in 2020 from ViacomCBS for $500 million, with the new price serving as a stark reminder of how significantly the media landscape changed in the last four years.
Ziff Davis has signed an exclusive agreement to acquire CNET, with the transaction anticipated to close Q3 of 2024, subject to required regulatory approval and other customary closing condition
Ziff Davis is the owner of IGN, Mashable, PC Mag and Lifehacker and in a curious turn of events, CNET previously purchased Ziff-Davis for $1.6 billion in 2000. Shah bought Ziff Davis in 2010 with Great Hill Partners, and the company was sold to J2 Global in 2012, after which it went on a run of acquiring tech-focused outlets.
CNET launched as a website in 1995 and made a mark with its tech reviews. The outlet was plagued by scandal in 2023 when a Futurism investigation revealed that a bevy of articles had been written using generative AI, and in turn had directly plagiarized other outlets like Forbes. Weeks later, 10% of the staff was laid off.
Shah told the New York Times that, despite the shifting media landscape and Google uncertainty with the rise of AI, there’s still a need for reliable product reviews.
“Technology and telecom products and services — whether for an individual, their home or business — continue to be complicated,” Shah said. “There’s lots of choice that requires advice. So I think there’s just real editorial need for it.”
