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Investors want shakeup at CNET

By Laurie Bennett   |   January 7, 2008 at 3:34pm   |   0 Comments

A consortium of investors, led by Barry Rosenstein’s Jana Partners, is trying to seize control of the CNET Networks board.

Jana has joined Alex Interactive Media and the VC firm Spark Management in an effort to increase the size of the board from eight directors to 13. The group plans to nominate seven people at the next shareholders’ meeting.

The group has also filed suit in Delaware Chancery Court, to stop CNETfrom rejecting its proposals.

In a press release issued today after the New York Times published a story about the dispute, Rosenstein said, “This effort is about taking an underperforming company and increasing shareholder value by building on its top-notch editorial talent and premier internet assets.” .


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