VCs Wrestle for Control of CNET

According to The Wall Street Journal, Jana Partners LLC, which holds an 8.1% stake in CNET Networks Inc. plans to nominate seven people to the San Francisco company’s board, saying there is a need to revitalize the “underperforming company.”

In a filing with the Securities and Exchange Commission, Jana said its nominees — including a former AOL chief executive, Jon Miller — will increase shareholder value at CNET by leveraging the company’s editorial content and staff, broadening the company’s properties and by focusing on return on investment. Jana wants to increase CNET’s board size to 13 directors from eight. Jana said it believes CNET has “significantly lagged peers in value creation and performance.”

CNET said in a press release that it has considered Jana’s proposal for board seats and determined that it is improper under its bylaws.

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