Digital media and marketing company Red Ventures has announced that it has bought CNET Media Group from Viacom CBS for $ 500 million.
Sales are expected to close in Q4 of 2020, with CNET Media Group EVP and GM Mark Larkin and other senior executives moving to Red Ventures with the acquisition.
Red Ventures declined to comment for Variety when asked if there would be any layoffs as a result of this acquisition.
The CNET Media Group includes gaming outlets GameSpot and Giant Bomb, as well as aggregator site Metacritic.
It was purchased by CBS in 2008 for $ 1.8 billion, and CBS was reunited with Viacom in December of last year.
Red Ventures is a digital marketing and advertising agency founded in 2000 that currently includes health, finance, travel, entertainment and other brands.
The company hopes that the acquisition of CNET will give a push to the technology and gaming industries.
Red Ventures CEO Rick Elias stated, “Over the past 25 years CNET Media Group has built a dynamic portfolio with well-earned brands on topics such as consumer technology and gaming, which play an important role in people’s lives. ”
“Red Ventures is eager to invest in the development of CNET Media Group with more personalized consumer experiences that will reinvigorate CNET Media Group’s brands and unlock unprecedented opportunities for all.”