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Society & Culture
Virtual Legality Episode 459

Giant Bomb Explodes! Did CNET/Red Ventures Sale Play a Role?

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2m May 4, 2021
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With the shocking announcement of the departures of Giant Bomb mainstays Vinny Caravella, Alex Navarro, and Brad Shoemaker, the future of the fan favorite video game crew (and personality-based media progenitors) is in question.

But what effect did the purchase of CNET Media Group (parent to Giant Bomb) to venture capital firm Red Ventures have on the future of Giant Bomb?

How do purchasers often protect themselves with contract language and incentives in the case of a purchase?

And what does Vinny have to say about the contract question?

We salute a crew that helped alter the modern video game media landscape...in Virtual Legality.

#GiantBomb #CNET #RedVentures


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Discussed in this episode:
"Vinny Caravella/Alex Navarro/Brad Shoemaker announce they're leaving Giant Bomb"
Tweet - May 4, 2021 - NESbot
https://twitter.com/NESbot_feed/status/1389646288166211586

"We'll have some stuff to say about where Giant Bomb goes from here..."
Tweet - May 4, 2021 - Jeff Gerstmann
https://twitter.com/jeffgerstmann/status/1389650808401063939

"Yeah, that sure looks like a six month key employee service requirement..."
Tweet - May 4, 2021 - Hoeg Law
https://twitter.com/HoegLaw/status/1389648500124790788

"ViacomCBS sells CNET Media Group to digital marketing company Red Ventures"
Games Industry Biz - September 14, 2020
https://www.gamesindustry.biz/articles/2020-09-14-viacomcbs-sells-cnet-media-group-to-digital-marketing-company-red-ventures

"Unknown number of layoffs at GameSpot following Red Ventures deal"
Gamasutra - October 9, 2020
https://www.gamasutra.com/view/news/371669/Unknown_number_of_layoffs_at_GameSpot_following_Red_Ventures_deal.php

"Red Ventures Announces Closing of Acquisition of CNET Media Group"
PR News Wire - October 30, 2020
https://www.prnewswire.com/news-releases/red-ventures-announces-closing-of-acquisition-of-cnet-media-group-301163922.html

Viacom CBS Form 10- K
December 31, 2020
https://www.sec.gov/Archives/edgar/data/813828/000081382821000005/viac-20201231.htm

"NON-BINDING TERM SHEET"
SEC Edgar Database
https://www.sec.gov/Archives/edgar/data/1409197/000121390019013304/f8k071919ex99-1_bespoke.htm

"ASSET PURCHASE AGREEMENT"
SEC Edgar Database
https://www.sec.gov/Archives/edgar/data/1538217/000155335018000875/srax_ex10z01.htm

"ASSET PURCHASE AGREEMENT"
SEC Edgar Database
https://www.sec.gov/Archives/edgar/data/1220754/000119312507217658/dex21.htm

"ASSET PURCHASE AGREEMENT"
SEC Edgar Database
https://www.sec.gov/Archives/edgar/data/1219210/000119312509086991/dex101.htm

"STANDARD FORM OF RETENTION BONUS AGREEMENT"
SEC Edgar Database
https://www.sec.gov/Archives/edgar/data/34115/000119312517199881/d383177dex103.htm

"Giant Bomb"
Wikipedia Entry
https://en.wikipedia.org/wiki/Giant_Bomb#Acquisition_by_Red_Ventures_(2020-present)

"Haha, no..."
Tweet - May 4, 2021 - Vincent Caravella
https://twitter.com/VinnyCaravella/status/1389675755592994828


"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).

CHECK OUT THE REST OF VIRTUAL LEGALITY HERE:
https://www.youtube.com/playlist?list=PL1zDCgJzZUy9YAU61GoW-00K0TJOGnPCo

DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.


DESIGN WORK
Joe Ellis (Logo Design)
Chris Leroux (Motion Graphics)
For more information: contact Chris at @Chrisleroux on Twitter.

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