Jana Junks CNET Board Seat Offer

Apr 1 2008 | 12:43pm ET

Activist hedge fund Jana Partners will continue its bid to take control of CNET Networks, rejecting an offer of one seat on the Internet media company’s board of directors.

Jana, which owns 10% of CNET, said one seat on the eight-person board “would not bring about the necessary level of change at CNET.” The hedge fund said that “fundamental strategic and operational change” is required at the San Francisco-based company.

Jana and fellow activist hedge fund Sandell Asset Management—which owns 2.3% of CNET—have nominated two candidates to replace a pair of existing director, and five others to fill new seats. If successful, Jana’s candidates would occupy eight seats on the newly expanded 13-member board.

“We have proposed new directors with extensive industry experience and expertise who would pursue maximum value for all shareholders,” Jana said.

CNET is battling Jana’s takeover bid in court, appealing a decision last month allowing Jana’s effort to go forward.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

The yield curve and stock market response

Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.