What does Red Ventures do? Let's find out...
Note: this piece originally appeared on r/gamefaqscurrentevents before being taken down by an automated bot. At the time of its writing, sources claimed that "up to" 100 layoffs would take place across CNET. Since then, we have learned that round 1 of the layoffs consisted of AT LEAST 100 employee terminations.
Now that round 1 of layoffs is over - up to 100 jobs cut, with Gamespot Australia and TV Guide hardest hit - ViacomCBS is preparing to hand off CNET to the mysterious RV.
https://twitter.com/RedVentures
RV itself has acknowledged that this is a question that they often get, but the answers aren't forthcoming. You will find the standard corporate boilerplate of feeling inclusive, and unlocking potential, and inspiring synergy for growth and all the buzzwords you'd expect from a forward thinkin' company.
My best prediction, when you look through the fog of feelgood catchphrases, is their CEO's comment about "unlocking the potential of legacy brands" with "legacy" being the keyword. They will look at the brands that still have some name recognition, attempt to monetize off of that, and ditch the rest.
Some comments I came across
https://www.reddit.com/r/giantbomb/comments/j7ob6h/cbsi_red_ventures_layoffs/
"They're buying the branding and content legacy. RV likely has an engineering staff who can assume all the backend responsibilities. Considering what their portfolio is too they'll likely reduce headcount to focus on just churning out content."
"These are people who create nothing trying to justify their existence via the vaguest language possible. It sounds like they just want the analytics and not the actual sites."
https://twitter.com/hEnereyG/status/1305584781955010561
"I don't want to be a Debbie Downer...Maybe Red Ventures will start a new trend of buying web brands and then NOT hollowing them out, laying off everyone possible, and then collecting a bunch of interns to maintain advertorial factories full of affiliate links to Amazon or Mattress companies! Anything is possible!"
"Red Ventures plans to invest in CNET, GameSpot and ZDNet—sites that focus on technology news and product reviews—and to expand the company’s e-commerce business, according to people familiar with the matter. A focus will be improving the design and performance of the sites, they said."
Is Gamefaqs going to survive with the whole "well, TECHNICALLY we're part of Gamespot" bit that they do? Because they aren't mentioned anywhere. Maybe Gamefaqs will be folded into Gamespot again, given the redundancies? RV will likely keep content like the guides, but Gamefaqs in its current form is not surviving. They're either getting a site overhaul at some point along Red Ventures monetization lines, or they'll decide the effort isn't worth it and just put it all under one roof at a redesigned Gamespot. I feel the least confident about the message boards, but you never know at this point.
https://thedesk.matthewkeys.net/2020/10/red-ventures-cnet-viacomcbs-layoffs/
"The company currently operates Healthline, Cord Cutters News, The Points Guys, BankRate.com and CreditCards.com and has a history of acquiring news websites and relaunching them into marketing blogs with a primary mission of selling goods and services to consumers under the guise of journalism."
https://twitter.com/JTGenter/status/1305502599806935041
"Is this good?
"Depends. Do you like how CNET is currently run or anyone working there? If so: no, it's not good. Do you think CNET should do a bunch of sponsored content and milk the brand dry? If so, enjoy the ride!"
The biggest chunk of the reactions I saw were people telling Red Ventures not to touch the Giantbomb staff. They have a lot of concerned fans.
In contrast, here's the sole comment about Gamefaqs that I've seen turn up elsewhere.
"Are we finally going to have a purge of the historically corrupt GameFAQs staff?"
Oh, and one more thing: one of the layoffs tells us something we already knew...
https://twitter.com/thewillennium/status/1314632087308103688
"As bad as it looks from the outside, I promise it's even more of a fucking mess on the ground. The company has been a non-stop trashfire since at least the Viacom merger"
