Red Ventures To Acquire CNET Media Group From ViacomCBS For $500 Mln - Quick Facts

(RTTNews) - Red Ventures, a portfolio of digital brands, announced Monday that it has entered into a definitive agreement to acquire CNET Media Group from ViacomCBS for $500 million.

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.

Mark Larkin, Executive Vice President and GM of CNET Media Group, and his senior team will remain with the company to continue their leadership of the CNET Media Group team following the acquisition.

Red Ventures 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. Its existing brands operate in the Home Services, Health, Finance, Travel, Education, and Entertainment verticals.

The acquisition of the CNET Media Group accelerates Red Ventures' entry into new verticals, including Consumer Tech and Gaming. The transaction, which is expected to close in the fourth quarter of 2020, is subject to regulatory approvals and customary closing conditions.