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EXHIBIT 99.1
CNET NETWORKS INC. ELECTS CEO SHELBY BONNIE CHAIRMAN OF THE BOARD
Randall Mays of Clear Channel Communications Becomes new Board Member
SAN FRANCISCO, November 29, 2000 -- CNET Networks, Inc. (Nasdaq: CNET) announced
today that its board of directors has elected Chief Executive Officer, Shelby
Bonnie, to Chairman of the Board, succeeding Halsey Minor, who will become
Chairman Emeritus. Mr. Bonnie will also remain CEO, a position he has held since
March 2000.
"As the Internet moves into its next phase, so does CNET Networks. We are
incredibly well positioned as the leading player in the most important vertical,
the global IT marketplace. We have only scratched the surface of the opportunity
in the U.S. and it is multiplied as we see the demand for commerce-related
information, services and marketplaces on a worldwide basis. This is an exciting
time for our company and for me personally, as I step into the role of
chairman," Mr. Bonnie stated.
Mr. Bonnie's achievements include steering CNET Networks to become a global
media company, focused on building information and e-commerce platforms that
connect buyers, sellers and suppliers throughout the multi-trillion-dollar IT
sales channel. His latest achievement, the acquisition of ZDNet, made CNET
Networks the ninth largest Web entity, with revenues of approximately $308
million in the first three quarters of 2000, and extended CNET's leadership
model to more than 25 countries.
"Shelby has been here from the beginning and has helped build one of the
strongest franchises on the Internet and in the IT supply chain," said Bud
Colligan, a member of the CNET Networks Board of Directors. "Shelby has been of
critical importance to achieving the strategic growth that CNET has attained so
far, and we believe he is the right man to take CNET Networks to the next
level."
A former managing director at Tiger Management, a New York investment firm, Mr.
Bonnie partnered with CNET founder Halsey Minor in 1993 as the company's third
employee and third investor, and served as CNET's COO, CFO and Vice Chairman
before being elected CEO in March 2000. Mr. Minor will assume the position of
Chairman Emeritus of CNET Networks, but will cease to be a member of the board
in order to concentrate on his role as Chairman and CEO of 12 Entrepreneuring, a
company he recently co-founded.
"Halsey and I have worked together for over seven years and have known each
other for more than ten. His vision, energy and spirit have been core to the
creation and development of CNET," said Mr. Bonnie. "As a pioneer and an
entrepreneur, there is no doubt that Halsey will make 12 Entrepreneuring a major
player in the next phase of the Internet revolution. I am happy for him and look
forward to seeing him build his company into a huge success."
"CNET Networks today has, without question, one of the deepest and most
experienced management teams in the industry. I feel confident that this team
will continue to guide CNET Networks to far greater success in the years ahead,"
said Mr. Minor.
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CNET Networks also announced the appointment of Randall T. Mays, Chief Financial
Officer of Clear Channel Communications, Inc., to the board of directors. During
his seven years at Clear Channel, Mr. Mays, 35, has been part of the company's
extraordinarily strong growth to a global media powerhouse with approximately
1,120 radio stations, 750,000 outdoor advertising displays, and 19 television
stations in the U.S. as well as 240 radio stations internationally. Prior to
joining Clear Channel, Mr. Mays worked in the Mergers and Acquisitions
department of the investment banking firm, Goldman Sachs & Co., and at the real
estate firm of Trammel Crow Company. He holds an M.B.A. from Harvard Business
School, and a B.B.A., with high honors, from the University of Texas at Austin.
Mr. Mays joins the following members of CNET Networks' board: John "Bud"
Colligan, Partner, Accel Partners; Eric Hippeau, President and Executive
Managing Director of Softbank International Ventures; Mitchell Kertzman,
President and CEO of Liberate Technologies; Eric Robison, Business Analyst,
Vulcan Northwest, Inc.; Shelby Bonnie, Chairman and CEO of CNET Networks; and
Dan Rosensweig, President of CNET Networks.
About CNET Networks, Inc.
CNET Networks, Inc. is the global source of technology and commerce-related
information, data, exchanges and services. As a top 10 Internet company with
operations in 23 countries and 16 languages, CNET Networks connects buyers,
sellers and suppliers throughout the IT supply chain with award-winning content
via the Web, wireless devices, television, radio and print. Its respected brand
portfolio includes CNET, ZDNet, mySimon, News.com, TV.com, Computer Shopper
magazine, SmartPlanet.com, and CNET Radio, as well as CNET Channel Services,
including CNET Data Services, CNET Media Services and Channel Online. The
company's vision is to educate and empower people and businesses by unlocking
the potential of the technology world to make things easier and faster, and by
helping them make smarter buying decisions.
