草榴社区 to Acquire CNET Media Group from ViacomCBS for $500 Million
Enables CNET to Reinvest in Growth and Brings Additional Leading Media Brands to 草榴社区 Growing Portfolio
CHARLOTTE, N.C. 鈥 草榴社区, a portfolio of digital brands, today announced that it has entered into a definitive agreement to acquire CNET Media Group from ViacomCBS for $500 million.
CNET Media Group is a pioneer in digital media. CNET, a leading global technology news brand, has grown over 25 years to cover all aspects of technology in our lives, including automotive coverage at Roadshow and Spanish-language technology coverage at CNET en Espa帽ol. CNET paved the way for CNET Media Group, an expansive portfolio of digital media brands that advise consumers across leading consumer tech, business tech, gaming, and entertainment media brands including a leader in B2B focused content and , a renowned games information brand in the US, according to ComScore. The portfolio also includes revered entertainment and lifestyle brands like , , and .
鈥湶萘裆缜 believes in the power of premium content from trusted brands that help people make better life decisions,鈥 said Ric Elias, 草榴社区 CEO and Co-Founder. 鈥淥ver 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鈥檚 lives. 草榴社区 is eager to invest in CNET Media Group鈥檚 growth with more personalized consumer experiences that will reinvigorate CNET Media Group鈥檚 brands and unlock unprecedented opportunity for all.鈥
鈥淚 am incredibly excited about CNET Media Group鈥檚 future. I believe that the combination of 草榴社区 customer experience platform and CNET Media Group鈥檚 rich content and deep editorial expertise greatly benefits both our audiences and our partners,鈥 said Mark Larkin, Executive Vice President and GM of CNET Media Group. 鈥湶萘裆缜 shares our vision and is committed to realizing the full potential of our portfolio of world-class brands.鈥
Larkin and his senior team will remain with the company to continue their leadership of the CNET Media Group team following the acquisition.
草榴社区 was formed in 2000 as a performance marketing startup and has since grown to include more than 100 digital brands with more than 3,000 employees across 10 US cities, the UK and Brazil. It has two sides to its business 鈥 one is a sophisticated, partner-centric platform for performance marketing, and the other is a robust, consumer-centric platform for digital brands. 草榴社区鈥 existing brands operate in the Home Services, Health, Finance, Travel, Education, and Entertainment verticals. The acquisition of the CNET Media Group accelerates 草榴社区鈥 entry into new verticals, including Consumer Tech and Gaming.
鈥淓very aspect of our lives 鈥 from our homes to our jobs, our income, and our well-being is impacted by the technology around us, so the content we consume and the brands we choose are highly personal,鈥 said Marc McCollum, President of 草榴社区鈥 Media & Technology group. 鈥淎dding CNET Media Group to our portfolio will further advance our mission to help people make some of the most important decisions of their lives. It will be a win for our teams, for our businesses, and most of all, for visitors and fans of the CNET Media Group鈥檚 brands.鈥
Over the last three years 草榴社区 has been investing in a robust portfolio of consumer-facing brands and partnerships. Earlier this year, to launch a new personal finance site called , which delivers strategy guides, economic perspectives, reported stories and analysis of tools and products to visitors. In 2019, 草榴社区 acquired Healthline Media, which includes , and (MNT). In 2017, 草榴社区 acquired Bankrate, including several leading financial services and travel brands such as , , and .
The transaction, which is expected to close in Q4 2020, is subject to regulatory approvals and customary closing conditions.
Evercore is serving as financial advisor and K&L Gates LLP is acting as legal advisor to 草榴社区. Citi is serving as financial advisor and Shearman & Sterling LLP is acting as legal advisor to ViacomCBS.
About 草榴社区
Over the last twenty years, 草榴社区 has built a portfolio of influential brands, digital platforms, and strategic partnerships that work together to connect millions of people with expert advice. Through premium content and personalized digital experiences, 草榴社区 builds online journeys that make it easier for people to make important decisions about their homes, health, travel, finances, education and entertainment. Founded in 2000, 草榴社区 has 3,000 employees in 10 cities across the US, as well as in the UK and Brazil. 草榴社区 owns and operates several large digital brands including Healthline, The Points Guy, Bankrate, MYMOVE, and Allconnect.com. For more information, visit and follow @RedVentures on social platforms.
About CNET Media Group
CNET Media Group is a portfolio of world-class brands that reach close to 100 million unique visitors monthly, advising passionate consumers about everything they love. The CNET Media Group鈥檚 portfolio reaches diverse global audiences in technology, B2B, gaming, and entertainment. These iconic properties include the world鈥檚 largest tech media brand , as well as , , , , and more.
ABOUT VIACOMCBS
ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CBS All Access, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry鈥檚 most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents. For more information about ViacomCBS, please visit and follow @ViacomCBS on social platforms.
MEDIA CONTACT: Ami Shukla
press@redventures.com