Jana Partners Increases Stake in CNET; Up To 10 Percent; Positions Harden

More to come: Jana Partners, part of the consortium trying to push CNET (NSDQ: CNET) Networks into a board change, has increased its stake in the company. It now holds approximately 10.5 percent (up from the previously disclosed 8.1 percent)of CNET’s voting stock and maintains a separate, approximately 6 percent non-voting economic interest. In addition, the other member of the consortium, Sandell Asset Management Corp. now holds an approximately 1.5 percent voting interest and maintains a separate, approximately 3.5 percent non-voting economic interest in CNET.

Also, the positions of both parties are getting harder: Jana said in the statement that CNET was misrepresenting that it was attempting to gain “control of the company without offering sufficient value to all stockholders.” Jana Managing Partner Barry Rosenstein said that the group’s plan “is to add highly-qualified Board members who will focus on creating long-term value for all stockholders and that no offer for the company had been made by the group.”

Some more trash talk:

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