A freshly inked deal between ViacomCBS and marketing firm Red Ventures sees ViacomCBS’s entire CNET Media Group sold to Red Ventures.
According to Variety, the $500 million deal is expected to close later this year, and brings brands like GameSpot and Metacritic under Red Ventures ownership.
The particular areas of expertise covered by CNET Media Group are mostly new territory for Red Ventures, with the company telling Variety that the acquisition aims to accelerate the broader company’s expansion into new verticals like consumer tech and video games.
“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,” reads a statement from Red Ventures CEO and co-founder Ric Elias. “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.”
Variety notes that a Red Ventures representative declined to comment on the potential of layoffs during the acquisition process and instead noted that Red Ventures is currently “focusing on how we grow” and plans “to grow CNET in ways unforeseen.”