CBS-CNet Deal Should Bring Smiles To Jana

May 16 2008 | 11:49am ET

Activist hedge fund Jana Partners says it is reviewing CBS Corp.’s deal to buy Internet media company CNet Networks, but it’s hard to imagine that Barry Rosenstein is anything but thrilled.

CBS yesterday agreed to buy CNet for $1.8 billion in cash, or $11.50 per share, a 45% premium. In a white paper put out last month by Jana and its partners, fellow activists Sandell Asset Management and Spark Capital, valued the company at $11 per share.

Jana, which, along with its partners, had been seeking control of the CNet board, accusing the existing directors of not doing enough to improve returns, owns about 10% of CNet. The hedge fund stands to see its stake’s value soar more than $100 million should the CBS deal go through.

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