Jana Partners the hedge fund railing for a change at the board level at CNET Networks, has sent an open letter to CNET’s management, after a court victory last week. CNET said last week that it is considering an appeal of the Delaware court ruling.
In the letter, Jana’s managing partner Barry Rosenstein comes out with some strong words: “We believe it is time for fundamental strategic and operational change at CNET..[the CNET board] should make its case for the status quo based on its record, and put away the legal, technical and oratorical ‘chess pieces’ and let shareholders simply decide who is best qualified to maximize shareholder value at CNET.”
Then the letter hold CNET to fire on three points:
– First, your comment that