JANA Partners bid spurs boardroom fight at Cnet

Wed Jan 30, 2008



By Pete Gallo

To hear CNet Networks chief Neil Ashe talk about activist investor JANA Partners and its plans to appoint members to its board, one might think Ashe was describing an attempted predawn military-led coup in some South American country during the Cold War. And Ashe, as head of a media company, has done plenty of talking publicly about his strong distaste for a takeover of his company's board by JANA and a consortium of funds that own a combined 21 million shares CNet, about 15.5% of the company.

JANA owns 16.6 million shares, Sandell Asset Management owns 3.5 million shares while allied funds Spark Management, Velocity Management and Alex Interactive Media own a combined sum of just under one million.

Ashe claims he found out about the planned shareholder coup in the middle of delivering a speech on January 8 at a...

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