Tuesday, January 8, 2008

Thanks For Leading the Way — Now Scram

Tue, Jan 8, 2008 at 1:10 PM

The corporate board of tech-news pioneer Cnet is under siege, as a group of minority shareholders has announced an effort to take it over at the next board meeting, the Chron reports.

Jana Partners LLC, Sandell Asset Management Corp., Spark Capital and Paul Gardi have teamed up to run seven people for the company's board. Together, they apparently own 8 percent of its stock and another 13 percent of "nonvoting economic interest" — whatever that is. The company's next board meeting has not been scheduled. The dissident owners are reportedly unhappy with Cnet's relatively meager 7 percent online advertising growth.

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