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.

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