VCs Wrestle for Control of CNET

According to The Wall Street Journal, Jana Partners LLC, which holds an 8.1% stake in CNET Networks Inc. plans to nominate seven people to the San Francisco company’s board, saying there is a need to revitalize the “underperforming company.”
In a filing with the Securities and Exchange Commission, Jana said its nominees — including a former AOL chief executive, Jon Miller — will increase shareholder value at CNET by leveraging the company’s editorial content and staff, broadening the company’s properties and by focusing on return on investment. Jana wants to increase CNET’s board size to 13 directors from eight. Jana said it believes CNET has “significantly lagged peers in value creation and performance.”
CNET said in a press release that it has considered Jana’s proposal for board seats and determined that it is improper under its bylaws.

About David Burn

Co-founder and editor of AdPulp. I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. I worked for seven agencies in five states before launching my own practice in 2009. Today, I am head of brand strategy and creative at Bonehook in Portland, Oregon.


  1. Yeah, that’s all we need. Some guy from AOL to come in and shake things up. I’m sure he’s got a really super bead on where the Internet’s going.
    And leveraging the company’s editorial staff and content is like, oh my god…revolutionary idea. ROI, shit, why didn’t someone think of that already. Golly gee.
    Sorry, I had a little excess sarcasm left over from my day of NOT maximizing ROI and leveraging editorial. I”ll try to keep it in check next time.