Business Editors/High-Tech Writers
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 11, 2006--CNET Networks, Inc.
(Nasdaq:CNET) (www.cnetnetworks.com) today announced that its Board of
Directors has unanimously appointed Neil Ashe as the Company's new
chief executive officer and director effective immediately. Co-founder
and chief executive officer Shelby Bonnie has resigned as chairman and
CEO.
The Company also announced today that Jarl Mohn has been named
non-executive chairman of CNET Networks' Board of Directors. Mr. Mohn
has extensive experience in the media and technology industries. He
has previously served as president and chief executive officer of
Liberty Digital, Inc., founding president and CEO of E! Entertainment
Television, and executive vice president and general manager of MTV
and VH1.
"CNET Networks is known for building world class brands for people
and the things they are passionate about. It's been an honor to work
with Shelby as we have grown the company from its technology roots and
moved into new categories like Entertainment, Food and Parenting,"
said Neil Ashe. "CNET Networks is a different kind of media company
and we are committed to continuing to be pioneers in interactive
content. We have been and will be innovators, and together with my
colleagues worldwide, I am confident about what we can accomplish.
Innovation is part of our DNA and will be fundamental to our success
moving forward."
Jarl Mohn, the newly appointed chairman of the Board, said, "Neil
has been instrumental in CNET Networks' growth and success over the
past few years both as head of corporate strategy and development and
through the operation of several business units. This announcement
marks the successful completion of the Board's succession planning
started more than 18 months ago. Neil's broad-based expertise in all
facets of the business, together with his outstanding management and
leadership skills, are valuable assets that will serve our company
well as we continue to expand CNET Networks."
"I am confident under Neil's leadership CNET Networks will
continue to play an important role in the evolving media landscape"
said Shelby Bonnie. "He will build upon the company's legacy and take
it to new heights."
Since joining CNET Networks in 2002, Mr. Ashe has led the
company's content expansion strategy, including numerous acquisitions
to develop its existing products and expand into new categories which
attract new audience and customer segments. His day-to-day
responsibility for the Community and Lifestyle, International,
Channel, and Business divisions has resulted in new product
development, audience growth and revenue streams for the company.
Prior to joining CNET Networks, Mr. Ashe founded and served as
chief executive officer of several start-up companies and held senior
positions in private equity and investment banking. Mr. Ashe holds an
MBA from Harvard Business School and a BS from Georgetown University.
(The Company issued a separate release today with findings of the
Special Committee of its Board of Directors on the Company's options
granting practices and procedures to the Board of Directors. In
addition, the Company also issued a press release today announcing
that it has modified and extended its solicitation of consents from
holders of its 0.75% Senior Convertible Notes due 2024 and updated its
third quarter and full year guidance.)
About CNET Networks, Inc.
CNET Networks, Inc. (Nasdaq: CNET, www.cnetnetworks.com) is an
interactive media company that builds brands for people and the things
they are passionate about, such as gaming, music, entertainment,
technology, business, food, and parenting. The company's leading
brands include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong presence
in the US, Asia and Europe.
CONTACT: CNET Networks, Inc.
Media:
Sarah Cain, 415-344-2218
sarah.cain@cnet.com
or
Investor Relations:
Cammeron McLaughlin, 415-344-2844
cammeron.mclaughlin@cnet.com
SOURCE: CNET Networks, Inc.
