Charlotte – Global law firm K&L Gates LLP has advised digital brands portfolio Red Ventures in a definitive agreement to acquire CNET Media Group from ViacomCBS for $500 million.
Formed in 2000, Red Ventures includes 100+ digital brands with more than 3,000 employees across 10 cities on three continents. Existing brands in the portfolio focus on home services, health, finance, travel, education, and entertainment, with the acquisition of the CNET Media Group adding consumer tech and gaming verticals to the company’s growing portfolio.
CNET is a technology news platform with a global portfolio that includes popular consumer brands such as ZDNet, Gamespot, TVGuide, Metacritic, and Chowhound.
The extensive deal team advising Red Ventures was led by Charlotte partner Rick Giovannelli and included Charleston partner Andrew Lloyd; Charlotte managing partner Jared Mobley and partner John Allison; San Francisco partner Ali Nardali; Boston partner James Fajkowski; Raleigh partner Leann Walsh; Chicago partners Katie Staba and Daniel Farris; Washington D.C., counsel Kenneth Knox; Brussels partner Francesco Carloni; Hong Kong partner Amigo Xie; London partner Paul Tetlow and of counsel Steven Cox; Beijing partner Yujing Shu; Melbourne partner John Mann and special counsel James Burrell; Perth partner Adam Levine; and Singapore of counsels Ahmad Khalis and Chan Lai Foong; with assistance from Charleston associates Lauren McFadden and Beau Daen; Pittsburgh associate Samantha Beatty; Raleigh associate Avery Miller; Chicago associates Joe McClendon and Nidhi Narielwala; Seattle associate Trevor Gates; Charlotte associate Kelsey Poorman; London associates Sunny Kumar, Emma Cooper, Jamie Kershaw, and Keisha Phippen; Beijing associate Xiaotong Wang; Singapore associate Charlotte Kouo and paralegal Nandana Marur; and Perth associate Sandra Taran.
Giovannelli stated: “We are proud to partner with great companies like Red Ventures on their key strategic transactions like this, which involve seamless collaboration from our team members around the globe and across multiple disciplines.”
The transaction is expected to close in Q4 2020; subject to certain customary closing conditions and regulatory approvals in the United States.