Red Ventures unloads CNET at a big loss
Tech review site to be sold to magazine publisher
The following article appeared in the Aug. 7, 2024, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
Fire sale at Red Ventures: Sells CNET for $100M after buying it for $500M in 2020
To say that Red Ventures’ purchase of tech review site CNET didn’t work out sounds like an understatement — a $400M understatement.
The Indian Land-based internet marketing company is selling CNET for “more than $100M,” the New York Times reported on Tuesday. That’s after buying it for $500M in 2020. Ouch.
It’s been a rocky last few years for CNET under Red Ventures’ ownership. First, the once-respected tech site was caught quietly publishing articles written by artificial intelligence that were riddled with errors. Then it laid off workers. Its staff unionized.
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