Digital media firm Ziff Davis (NASDAQ:ZD) is buying CNET from Red Ventures, further bolstering its portfolio of technology-focused online news brands.
The New York Times first reported that the company is buying CNET for over $100M and said Ziff Davis is eyeing more acquisitions.
A spokeswoman for Red Ventures declined to Seeking Alpha’s request for comment on the details of the deal.
CNET complements the company’s portfolio, which owns tech names like Mashable, PC Mag, and Lifehacker. Ziff CEO Vivek Shah told NYT that CNET was part of the strategy as it sits on roughly $800M cash.
Shah predicted more deals across the industry as tech giants like Google and Meta “snatch an increasing portion of digital ad spending” and as advances in artificial intelligence threaten to further disrupt the digital-media landscape, the report said.
