• January 8, 2008

Investment fund Jana Partners LLC is reportedly leading a group of funds seeking to take over CNET Networks Inc.'s board and boost its share price.

Jana and its partners own about 8% of CNET's voting stock and also hold an 8% nonvoting stake, according to Reuters. Another investment fund that is supporting Jana, Sandell Asset Management Corp., has a 5% non-voting stake.

"We are pleased to support Jana in this effort to improve the performance and ultimately the valuation of CNET to the benefit of all shareholders," Tom Sandell, chief executive of Sandell Asset Management, said in a statement.

CNET was founded in 1992, and its brands include Gamespot, TV.com, MP3.com and BNET.

--Tanya Irwin