ViacomCBS in talks to sell CNET for about $500 million, WSJ reports

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ViacomCBS Inc. has held talks with digital-media company Red Ventures LLC to sell its technology news site CNET, as the media giant looks to shed non-core assets so it can focus on video streaming, according to a report in The Wall Street Journal. Citing people familiar with the matter, the WSJ report said CNET was being valued at about $500 million. The report noted that ViacomCBS is also looking to sell its book-publishing company Simon & Schuster for at least $1.2 billion, and CBS’s Midtown Manhattan headquarters building known as “Black Rock,” for an expected price of at least $800 million. ViacomCBS’s stock, which fell 1.0% in midday trading, has tumbled 35.8% year to date, while the SPDR Communications Services Select Sector ETF has climbed 12.3% and the S&P 500 has gained 5.0%.
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