-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MasQGn70euHr77L6q43irRbkKmvFjqivFBmTc7yuqrqQm+bexnJxghUmgnEjK7ys ip9lzb3MhyAr5lbKyREbYA== 0000902664-08-000099.txt : 20080115 0000902664-08-000099.hdr.sgml : 20080115 20080115171636 ACCESSION NUMBER: 0000902664-08-000099 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20080115 DATE AS OF CHANGE: 20080115 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CNET NETWORKS INC CENTRAL INDEX KEY: 0001015577 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 133696170 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-46767 FILM NUMBER: 08531838 BUSINESS ADDRESS: STREET 1: 235 SECOND STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4153442000 MAIL ADDRESS: STREET 1: 235 SECOND STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: CNET INC /DE DATE OF NAME CHANGE: 19970506 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JANA PARTNERS LLC CENTRAL INDEX KEY: 0001159159 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: JANA PARTNERS LLC STREET 2: 200 PARK AVENUE, SUITE 3300 CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2126927645 MAIL ADDRESS: STREET 1: 200 PARK AVENUE, SUITE 3300 CITY: NEW YORK STATE: NY ZIP: 10166 SC 13D/A 1 p08-0050sc13da.txt CNET NETWORKS, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- SCHEDULE 13D* (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) Under the Securities Exchange Act of 1934 (Amendment No. 2) CNET Networks, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.0001 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 12613R104 - -------------------------------------------------------------------------------- (CUSIP Number) Marc Weingarten, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 11, 2008 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ] NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 10 Pages) - -------------------------- The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes) - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 2 OF 10 PAGES - ----------------------------- --------------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JANA PARTNERS LLC - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 15,481,159 ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,114,333 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 15,481,159 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,114,333 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 16,595,492 - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.9% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 3 OF 10 PAGES - ----------------------------- --------------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) SPARK MANAGEMENT PARTNERS, L.L.C. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER 2,583,979 ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 14,866 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH 2,583,979 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 14,866 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 2,598,845 - ------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.7% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 4 OF 10 PAGES - ----------------------------- --------------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) VELOCITY INTERACTIVE MANAGEMENT, LLC - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - ------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER - 0 - ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 1,000,000 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH - 0 - ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 1,000,000 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 1,000,000 - ------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.7% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 5 OF 10 PAGES - ----------------------------- --------------------------- - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ALEX INTERACTIVE MEDIA, LLC - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - ------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 129,199 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 129,199 - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 129,199 - ------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) less than 0.1% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - ------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 6 OF 10 PAGES - ----------------------------- --------------------------- The Schedule 13D filed on January 7, 2008, as amended by Amendment No.1, filed on January 9, 2008 (the "Schedule 13D") by JANA Partners LLC, a Delaware limited liability company, Spark Management Partners, L.L.C., a Delaware limited liability company, Velocity Interactive Management, LLC, a Delaware limited liability company, and Alex Interactive Media, LLC, a Delaware limited liability company (together, the "Reporting Persons") relating to the shares ("Shares") of common stock, par value $0.0001 per share, of CNET Networks, Inc. (the "Issuer"), is hereby amended as set forth below by this Amendment No.2 to the Schedule 13D. Item 3. Source and Amount of Funds or Other Consideration. Item 3 of the Schedule 13D is hereby amended and restated as follows: The 16,595,492 Shares reported herein as being beneficially owned by JANA were acquired at an aggregate purchase price of approximately $164,429,943.00. The Shares beneficially owned by JANA were acquired with investment funds in accounts under management. The 2,598,845 Shares reported herein as being beneficially owned by Spark were acquired by CT-100 from JANA on January 15, 2008 for an aggregate purchase price of $20,115,060.30, which amount includes $115,060.30 for the 14,866 Shares acquired by CT-100 on behalf of AIM. The Shares beneficially owned by Spark were acquired with working capital of CT-100. The Shares which are reported herein as being beneficially owned by AIM are so reported based on its contractual obligation to purchase such Shares from JANA, as described in Item 6 of the Schedule 13D. Except for the 14,866 Shares acquired by CT-100 on behalf of AIM as described above, such purchase has not yet been consummated. The amount of funds used by AIM to purchase such Shares will be an aggregate of $1 million, and the source of such funds has been and will be the working capital of AIM. The Shares which are reported herein as being beneficially owned by Velocity are so reported based on its option to purchase such Shares from JANA, as described in Item 6 of the Schedule 13D, but such option has not yet been exercised. The amount of funds to be used by Velocity (should Velocity exercise its option) to purchase such Shares will be up to $10 million, and the source of such funds will be the working capital of Velocity or an affiliate. Item 4. Purpose of Transaction. Item 4 of the Schedule 13D is hereby supplemented as follows: On January 14, 2008, JANA distributed a press release (the "JANA January 14 Press Release") criticizing the Issuer's adoption of a poison pill. A copy of the JANA January 14 Press Release is filed as Exhibit 13 to the Schedule 13D and is incorporated herein by reference. Item 5. Interest in Securities of the Company. Paragraph (a), the first and second sentences of paragraph (b), and paragraph(c) of Item 5 of the Schedule 13D are hereby amended as follows: (a) The aggregate percentage of Shares reported to be beneficially owned by the Reporting Persons is based upon 151,973,545 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2007 as reported in the Issuer's Quarterly Report on Form 10-Q filed on November 5, 2007 for the period ended September 30, 2007. As of the close of business on January 15, 2008; (i) JANA may be deemed to beneficially own 16,595,492 Shares, constituting approximately 10.9% of the Shares outstanding, (ii) Spark may be deemed to beneficially own 2,598,845 Shares, constituting approximately 1.7% of the Shares outstanding, (iii) Velocity may be deemed to beneficially own 1,000,000 Shares, constituting approximately 0.7% of the Shares outstanding, and (iv) AIM may be deemed to beneficially own 129,199 Shares, constituting less than 0.1% of the Shares outstanding. AIM beneficially owns its Shares by virtue of the Amended and Restated Agreement described in Item 6 of the Schedule 13D. Velocity beneficially owns its Shares by virtue of the Option Agreement described in Item 6 of the Schedule 13D. - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 7 OF 10 PAGES - ----------------------------- --------------------------- By virtue of (i) the Amended and Restated Agreement, (ii) the Option Agreement, and (iii) the Sandell Group Agreement, the Reporting Persons and Sandell may be deemed to have formed a "group" within the meaning of Section 13(d)(3) of the Securities Act of 1934 and may be deemed to beneficially own 22,664,337 Shares, constituting approximately 14.9% of the Shares outstanding. However, each of the Reporting Persons expressly disclaims beneficial ownership of the Shares beneficially owned by the other Reporting Persons and Sandell. Sandell has filed a separate Schedule 13D with respect to its interest. (b) JANA has sole voting and dispositive powers over 15,481,159 Shares, which powers are exercised by the JANA Principals, and (i) by virtue of the Option Agreement, shared voting and dispositive power over 1,000,000 Shares, which power is shared with Velocity and (ii) by virtue of the Amended and Restated Agreement, shared voting and dispositive power over 114,333 Shares which power is shared with AIM. Spark has sole voting and dispositive powers over 2,583,979 Shares, which powers are exercised by the Spark Principals, and shared voting and dispostive powers over 14,866 Shares, which is shared with AIM. (c) Information concerning transactions in the Shares effected by the Reporting Persons since the filing of Amendment No. 1 to the Schedule 13D is set forth in Appendix A hereto and is incorporated herein by reference. Item 6. Contracts, Arrangements Understandings or Relationships with Respect to Securities of the Company. The first, second and third sentences of the fifth paragraph of Item 6 are hereby amended as follows: JANA currently has contractual agreements with one credit counterparty, Jefferies & Company, Inc., with regard to cash-settled equity swaps (the "JANA Swaps") that reference Shares. The JANA Swaps constitute economic exposure to approximately 7,134,800 Shares, or 4.7% of the Shares outstanding. The JANA Swaps have reference prices ranging from $7.58 to $8.07 and expiration dates of July 28, 2008. Item 7. Material to be Filed as Exhibits. Exhibit 13 JANA January 14 Press Release - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 8 OF 10 PAGES - ----------------------------- --------------------------- SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 15, 2008 JANA PARTNERS LLC BY: /s/BARRY ROSENSTEIN ----------------------------- Name: Barry Rosenstein Title: Managing Partner BY: /s/GARY CLAAR ----------------------------- Name: Gary Claar Title: General Partner SPARK MANAGEMENT PARTNERS, L.L.C. BY: /s/SANTO POLITI ----------------------------- Name: Santo Politi Title: Managing Member VELOCITY INTERACTIVE MANAGEMENT, LLC BY: /s/RODI GUIDERO ----------------------------- Name: Rodi Guidero Title: Authorized Signatory - ----------------------------- --------------------------- CUSIP NO. 12613R104 SCHEDULE 13D PAGE 9 OF 10 PAGES - ----------------------------- --------------------------- ALEX INTERACTIVE MEDIA, LLC BY: /s/PAUL GARDI ----------------------------- Name: Paul Gardi Title: Managing Member APPENDIX A TRANSACTIONS IN THE SHARES EFFECTED BY THE REPORTING PERSONS SINCE THE FILING OF AMENDMENT NO. 1 TO THE SCHEDULE 13D (UNLESS OTHERWISE STATED, ALL TRANSACTIONS WERE EFFECTED IN THE OPEN MARKET) JANA Date of Trade Shares Purchased (Sold) Price per Share - ------------- ----------------------- --------------- 1/10/2008 255,600 $9.07 453,308 8.49 8,562 8.79 100 8.80 200 8.81 1/11/2008 1,000,000 8.74 613,962 8.85 30,102 9.00 1/14/2008 673,148 8.98 1/15/2008 (2,598,845) 7.74* Spark** Date of Trade Shares Purchased (Sold) Price per Share - ------------- ----------------------- --------------- 1/15/2008 2,583,979 $7.74 AIM*** Date of Trade Shares Purchased (Sold) Price per Share - ------------- ----------------------- --------------- 1/15/2008 14,866 $7.74 - ------------------- * Sold in a private transaction to CT-100 pursuant to the Amended and Restated Agreement. Amount includes 14,866 Shares acquired by CT-100 on behalf of AIM. ** Acquired in a private transaction from JANA pursuant to the Amended and Restated Agreement. *** Acquired in a private transaction from JANA pursuant to the Amended and Restated Agreement. EX-99 2 p08-0050exhibit13.txt EXHIBIT 13 STATEMENT OF JANA PARTNERS REGARDING CNET'S "POISON PILL" ADOPTION NEW YORK, January 14, 2008 - Following the adoption of a stockholders rights plan, or "poison pill", by CNET Networks, Inc. (Nasdaq: CNET), JANA Partners LLC ("JANA") Managing Partner Barry Rosenstein issued the following statement: "CNET's adoption of an increasingly outdated and unpopular entrenchment mechanism in response to our efforts to create value continues a pattern of hiding behind legalities and mischaracterizing our efforts as a takeover attempt, and is further proof of the need for change. A better way to ensure that stockholders get the maximum return on their investment is to focus on reversing CNET's chronic underperformance. We are confident that we have assembled the right team of experienced and talented board nominees to do just that, and we look forward to focusing on creating value for all stockholders." JANA has joined with Sandell Asset Management Corp. ("Sandell"), Paul Gardi of Alex Interactive Media, Spark Capital and Velocity Interactive Group in seeking to elect two individuals to replace the board members who are up for re-election at CNET's 2008 stockholders meeting and to expand CNET's board by five members and nominate individuals to fill those vacancies. JANA holds approximately 12% of CNET's voting stock and maintains a separate approximately 5% non-voting economic interest. In addition, Sandell now holds an approximately 2% voting interest and maintains a separate approximately 3% non-voting economic interest in CNET. Background JANA Partners LLC is a multi-billion dollar investment management firm founded in 2001 by Barry Rosenstein. JANA has on numerous occasions, alone or with other shareholders, challenged management to focus on creating shareholder value, including with respect to Kerr-McGee Corporation, Time Warner, Titan International, TD Ameritrade and The Houston Exploration Company. Alex Interactive Media, LLC ("AIM") is a private company focused on leveraging its domain expertise in digital media and related industries. Spark Capital is a venture capital fund focused on building businesses that transform the distribution, management and monetization of media and content, with experience in identifying and actively building market-leading companies in sectors including infrastructure (Qtera, RiverDelta, Aether Systems, Broadbus and BigBand), networks (College Sports Television, TVONE and XCOM) and services (Akamai and the Platform). Spark Capital has over $600 million under management, and is based in Boston, Massachusetts. Velocity Interactive Group, LLC is an investment firm that focuses on digital media and communications. Velocity Interactive Group has offices in Palo Alto, Los Angeles and New York. Sandell Asset Management Corp., is a multi-billion dollar global investment management firm, founded by Thomas E. Sandell, that focuses on global corporate events and restructurings throughout North America, Continental Europe, the United Kingdom, Latin America and the Asia-Pacific theatres. Sandell frequently will take an "active involvement" in facilitating financial or organization improvements accruing to the benefit of investors. ALL STOCKHOLDERS OF CNET ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE INVESTORS AND NOMINEES NAMED ABOVE (THE "POTENTIAL PARTICIPANTS") FROM THE STOCKHOLDERS OF CNET FOR USE AT THE 2008 ANNUAL MEETING OF STOCKHOLDERS OF CNET WHEN AND IF THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. WHEN AND IF COMPLETED, THE DEFINITIVE PROXY STATEMENT AND FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF CNET AND WILL, ALONG WITH OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE POTENTIAL PARTICIPANTS IN THE PROXY SOLICITATION WILL PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. INFORMATION RELATING TO THE POTENTIAL PARTICIPANTS IS CONTAINED IN EXHIBIT 2 TO THE SCHEDULE 14A FILED BY THE POTENTIAL PARTICIPANTS WITH THE SEC ON JANUARY 14, 2008. Contacts: Sard Verbinnen & Co George Sard 212-687-8080 or Paul Kranhold or Andrew Cole, 415-618-8750 or JANA Partners LLC Charles Penner, 212-692-7696 -----END PRIVACY-ENHANCED MESSAGE-----