Red Ventures to buy CNET from ViacomCBS for $500 million

Marketing company Red Ventures said on Monday that it would buy online media company CNET Media Group from ViacomCBS Inc for $500 million.

CBS Corp bought CNET for about $1.8 billion in 2008 and added digital properties such as ZDNet, GameSpot.com, TV.com, and UrbanBaby.com to boost its reach online.

The transaction is expected to close in the fourth quarter this year and will be headed by its current senior team including its executive vice president, Mark Larkin, Red Ventures said.

Evercore is the financial adviser and K&L Gates LLP is the legal adviser to Red Ventures, while Citi is serving as financial adviser and Shearman & Sterling LLP is the legal adviser to ViacomCBS.