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ViacomCBS is in talks to sell CNET after receiving informal takeover offers earlier this year, The Hollywood Reporter has confirmed.
A representative for ViacomCBS declined to comment to THR on a possible sale of CNET, which offers consumer electronics product reviews and news.
CBS bought CNET in 2008 for $1.8 billion. ViacomCBS is in the midst of selling off non-core assets after Viacom’s merger with CBS.
Other assets on the auction block include CBS’ longtime Manhattan headquarters Black Rock and book publisher Simon & Schuster.
ViacomCBS has been signalling that the prospect of major divestitures will provide cash proceeds to continue paying down debt, especially amid the coronavirus pandemic.
At the same time, the price tags to be paid for non-core ViacomCBS assets could be impacted by market uncertainty and disruption among buyers and sellers during the pandemic.
ViacomCBS is understood to be eyeing a price tag of more than $1 billion for Black Rock, but economists’ and Wall Street’s see a recession undercutting the sale of an iconic midtown Manhattan building.
And in early March, ViacomCBS unveiled plans to sell book publisher Simon & Schuster, but CEO Bob Bakish signaled that the process would only kick into high gear after the market climate settled down amid the pandemic.
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