Red Ventures

Red Ventures is an American media company, which owns and operates brands such as Lonely Planet, CNET, ZDNet, The Points Guy, Healthline and Bankrate.[1] Red Ventures focuses on sites that dispense news, advice, and reviews.[2] The company's corporate headquarters is located in Indian Land, South Carolina, a suburb of Charlotte, North Carolina.[3]

Red Ventures
FormerlyRed F (1999-2003)
TypePrivate
Industry
Founded2000; 23 years ago (2000)
HeadquartersIndian Land, South Carolina, U.S.
Key people
Ric Elias (CEO)
ServicesMarketing, advertising
Divisions
Subsidiaries
Websiteredventures.com

HistoryEdit

Red Ventures was formed on September 29, 1999,[4] in Fort Mill, South Carolina by Ric Elias and Dan Feldstein.[5] Before its 2020 acquisitions, the company has grown into an international presence with more than 100 brands, 3,000 employees, and operations in the United Kingdom and Brazil.[6]

In 2015, the company got a $250 million investment from Silver Lake.[7] That same year, it doubled the size of its headquarters[8] and bought postal services company Imagitas from Pitney Bowes.[9]

Red Ventures acquired Bankrate Inc. for $1.24 billion in cash in a deal announced July 3, 2017.[10][11]

On September 14, 2020, Red Ventures agreed to purchase the CNET Media Group from ViacomCBS for $500 million.[12] On December 1, 2020, Red Ventures bought Lonely Planet from Tennessee-based NC2 Media.[13]

In 2021, the company had 4,500 employees and 751 million readers per month.[14][15]

In 2023 The Verge described the business model of the company as "publish[ing] content designed to rank highly in Google search for “high-intent” queries and ... monet[izing] that traffic with lucrative affiliate links.", with a particular focus on financial content such as credit cards.[16] The characterization came after the website Futurism found several articles published by Red Ventures properties, including CNET, were quietly written by artificial intelligence software,[17] with the stories containing numerous inaccuracies and instances of plagiarism.[18]

TimelineEdit

ReferencesEdit

  1. ^ Hudson, Caroline. "Red Ventures adding jobs as it integrates ViacomCBS' CNET Media Group". Charlotte Business Journal. Retrieved November 13, 2020.
  2. ^ Goldberg, Steve (July 2019). "Why This $2 Billion Business Swears By the 'Pencil Rule'". Inc. Retrieved December 6, 2020.
  3. ^ "Red Ventures CEO: We're going to keep growing". charlotteobserver. Retrieved April 9, 2018.
  4. ^ "Red Ventures LLC". Bloomberg. Retrieved December 6, 2020.
  5. ^ Elkins, Ken (December 29, 2010). "Ric Elias and Dan Feldstein, Red Ventures". www.bizjournals.com. Retrieved September 6, 2022.
  6. ^ Sakoui, Anousha (September 14, 2020). "ViacomCBS sells CNET Media for less than half what CBS paid in 2008". The Los Angeles Times. Retrieved December 6, 2020.
  7. ^ De La Merced, Michael (January 7, 2015). "Silver Lake Makes Big Bet on Red Ventures, a Digital Marketing Company". The New York Times. Retrieved December 6, 2020.
  8. ^ Portillo, Ely (November 4, 2015). "Red Ventures breaks ground on project to double size of its headquarters". Charlotte Observer. Retrieved December 6, 2020.
  9. ^ Elkins, Ken (May 28, 2015). "Red Ventures buying company with important postal contract". Charlotte Business Journal. Retrieved December 6, 2020.
  10. ^ Stratton, Ali (July 3, 2017). "Personal Finance Website Bankrate to be Acquired by Marketing Firm Red Ventures". The Wall Street Journal. Retrieved December 6, 2020.
  11. ^ Bond, Shannon; Samson, Adam (July 3, 2020). "Bankrate website to be bought by Red Ventures for $1.24bn". Financial Times. Retrieved December 6, 2020.
  12. ^ Mullin, Benjamin. "ViacomCBS to Sell CNET to Red Ventures for $500 Million". The Wall Street Journal. Retrieved December 6, 2020.
  13. ^ Muccigrosso, Catherine (December 1, 2020). "Red Ventures gobbles up another familiar brand name. This time it's travel related". The Charlotte Observer. Retrieved December 6, 2020.
  14. ^ Stenberg, Mark (August 4, 2022). "CNET Hires Condé Nast Chief Data Officer". adweek.com. Retrieved August 11, 2022.
  15. ^ Smith, Ben (August 15, 2021). "You've Never Heard of the Biggest Digital Media Company in America". The New York Times. ISSN 0362-4331. Retrieved August 11, 2022.
  16. ^ Vincent, James (January 19, 2023). "Inside CNET's AI-powered SEO money machine". The Verge. Retrieved January 24, 2023.
  17. ^ "CNET Is Quietly Publishing Entire Articles Generated By AI". Futurism. Retrieved January 24, 2023.
  18. ^ "CNET's AI Journalist Appears to Have Committed Extensive Plagiarism". Futurism. Retrieved January 24, 2023.
  19. ^ www.bizjournals.com https://www.bizjournals.com/charlotte/stories/2007/11/05/story2.html?b=1194238800%255E1544661. Retrieved February 8, 2023. {{cite web}}: Missing or empty |title= (help)
  20. ^ Leadership: Ric Elias, Red Ventures Website, retrieved July 30, 2008.
  21. ^ "DirectMag.com : News et informations depuis plus de 20 ans". DirectMag : News et infos depuis plus de 20 ans. (in French). Retrieved February 8, 2023.
  22. ^ Ventures, Red. "Red Ventures Announces Growth Capital Investment by General Atlantic". Prnewswire.com.
  23. ^ "General Atlantic Team - Anton J. Levy". General Atlantic website. Archived from the original on August 24, 2016. Retrieved November 4, 2015.
  24. ^ "Press Release". General Atlantic. Retrieved January 15, 2016.
  25. ^ "Red Ventures buys HomeInsurance.com". Bizjournals.com. Retrieved November 21, 2021.
  26. ^ Merced, Michael J. de la (January 7, 2015). "Silver Lake Makes Big Bet on Red Ventures, a Digital Marketing Company". DealBook. Retrieved March 6, 2017.
  27. ^ a b c "We Are Red Ventures". Redventures.com. Retrieved March 6, 2017.
  28. ^ "Red Ventures Acquires Allconnect". Redventures.com. Retrieved September 7, 2017.
  29. ^ "Red Ventures Announces Closing of Acquisition of Bankrate, Inc". Redventures.com. Retrieved November 8, 2017.
  30. ^ "Red Ventures Acquires HigherEducation.com". Redventures.com. Retrieved May 13, 2019.
  31. ^ "Red Ventures Acquires Healthline Media". Redventures.com. Retrieved August 7, 2019.
  32. ^ Spangler, Todd (September 14, 2020). "ViacomCBS Reaches Deal to Sell CNET for $500 Million to Marketing Firm Red Ventures". Variety. Retrieved November 13, 2020.
  33. ^ a b Asimov, Eric (March 10, 2022). "Chowhound Closes After 25 Years of Food Obsession, Wisdom, and Debate". The New York Times.
  34. ^ "Red Ventures Acquires Lonely Planet". Retrieved December 1, 2020.
  35. ^ Burke-Kennedy, Eoin. "Lonely Planet sold to US digital marketing group for undisclosed sum". Irish Times. Retrieved December 6, 2020.
  36. ^ "RV Health, A Red Ventures Business, Acquires Healthgrades.com from Mercury Healthcare | Red Ventures". Redventures.com. Retrieved September 2, 2021.
  37. ^ Lagasse, Jeff (July 13, 2022). "Optum, Red Ventures partner on consumer healthcare platform". Healthcare Finance News. Retrieved September 8, 2022.
  38. ^ Weprin, Alex (October 3, 2022). "TV Guide, Metacritic, GameSpot Acquired by Fandom in $55M Deal With Red Ventures". The Hollywood Reporter. Retrieved October 3, 2022.

External linksEdit