ViacomCBS has struck a deal to sell its CNET unit to Red Ventures for $500 million. The transaction, which is expected to close in the fourth quarter of 2020, is subject to regulatory approvals and customary closing conditions.
CBS acquired CNET, which offers consumer electronics product reviews and news, in 2008 for $1.8 billion. Since the recombination of Viacom and CBS, the new ViacomCBS has been selling off non-core assets to reduce debt and free up financial fire power for expansions in the streaming space and other core businesses.
The company, led by CEO Bob Bakish, also has put on the auction block CBS' longtime Manhattan headquarters Black Rock and book publisher Simon & Schuster. "Red Ventures believes in the power of premium.
Read more on hollywoodreporter.com
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