Edgar Filing: CNET NETWORKS INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

SANDELL ASSET MANAGEMENT CORP

2. Issuer Name and Ticker or Trading Symbol
CNET NETWORKS INC [CNET]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
_____ Officer (give title below)	__X__ Other (specify below)
13D Grp. Mem own more than 10%

(Last)

(First)

(Middle)

40 WEST 57TH STREET, 26TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
01/08/2008

(Street)

NEW YORK, NY 10019

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock ⁽¹⁾ ⁽²⁾	01/08/2008		P		750,000	A	$ 8.44	1,450,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/08/2008		X⁽³⁾		649,200	D	$ 8.38	800,800	D
Common Stock ⁽¹⁾ ⁽²⁾	01/08/2008		X⁽³⁾		649,200	A	$ 8.38	1,450,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/08/2008		X⁽⁴⁾		100,800	D	$ 8.38	1,349,200	D
Common Stock ⁽¹⁾ ⁽²⁾	01/08/2008		X⁽⁴⁾		100,800	A	$ 8.38	1,450,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/09/2008		P		750,000	A	$ 8.23	2,200,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/09/2008		O⁽⁵⁾		493,200	D	$ 8.17	1,706,800	D
Common Stock ⁽¹⁾ ⁽²⁾	01/09/2008		O⁽⁵⁾		493,200	A	$ 8.17	2,200,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/09/2008		O⁽⁶⁾		256,800	D	$ 8.17	1,943,200	D
Common Stock ⁽¹⁾ ⁽²⁾	01/09/2008		O⁽⁶⁾		256,800	A	$ 8.17	2,200,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/10/2008		P		470,000	A	$ 8.49	2,670,000	D
Common Stock ⁽¹⁾ ⁽²⁾	01/10/2008		O⁽⁷⁾		373,300	D	$ 8.39	2,296,700	D
Common Stock ⁽¹⁾ ⁽²⁾	01/10/2008		O⁽⁷⁾		373,300	A	$ 8.39	2,670,000	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Equity Swap (Obligation to Buy) ⁽¹⁾ ⁽²⁾

$ 8.06

01/08/2008

X⁽³⁾

12/20/2007

01/26/2009

Common Stock

649,200

⁽³⁾

Equity Swap (Obligation to Buy) ⁽¹⁾ ⁽²⁾

$ 8.36

01/08/2008

X⁽⁴⁾

12/21/2007

01/27/2009

Common Stock

100,800

⁽⁴⁾

493,200

Equity Swap (Obligation to Buy) ⁽¹⁾ ⁽²⁾

$ 8.38

01/09/2008

O⁽⁵⁾

12/21/2007

01/27/2009

Common Stock

493,200

⁽⁵⁾

Equity Swap (Obligation to Buy) ⁽¹⁾ ⁽²⁾

$ 8.58

01/09/2008

O⁽⁶⁾

12/24/2007

01/28/2009

Common Stock

256,800

⁽⁶⁾

416,500

Equity Swap (Obligation to Buy) ⁽¹⁾ ⁽²⁾

$ 8.58

01/10/2008

O⁽⁷⁾

12/24/2007

01/28/2009

Common Stock

373,300

⁽⁷⁾

43,200

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
SANDELL ASSET MANAGEMENT CORP 40 WEST 57TH STREET 26TH FLOOR NEW YORK, NY 10019				13D Grp. Mem own more than 10%

Signatures

/s/ Sandell Asset Management Corp.; by: Thomas E. Sandell as Chief Executive Officer		01/11/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Sandell Asset Management Corp., a Cayman Islands Corp. ("SAMC"), beneficially owns the securities reported herein through Castlerigg Master Investments Ltd., a British Virgin Islands company ("Castlerigg Master Investments"). SAMC is the investment manager of Castlerigg Master Investments. Thomas Sandell is the controlling person of SAMC and may be deemed to share beneficial ownership of the shares beneficially owned by Castlerigg Master Investments and SAMC. Castlerigg International Ltd., a British Virgin Islands company ("Castlerigg International"), is the controlling shareholder of Castlerigg International Holdings Limited, a British Virgin Islands company ("Holdings"). Holdings is the controlling shareholder of Castlerigg Master Investments.
(2)	Each of Holdings and Castlerigg International may be deemed to share beneficial ownership of the shares beneficially owned by Castlerigg Master Investments. SAMC, Mr. Sandell, Holdings, Castlerigg International and Castlerigg Master Investments each disclaims beneficial ownership of the securities reported herein except to the extent of its or his respective pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
(3)	On January 8, 2008, upon the settlement of an equity swap entered into by and between the Reporting Person and a securities broker, the Reporting Person received $8.38 per share for each of the 649,200 shares subject to the swap, offset by $8.06 per share owed by the Reporting Person to the broker, representing the base price per share (of stock subject to the swap). The termination of the equity swap is deemed exempt from Section 16(b) of the Securities and Exchange Act of 1934 pursuant to Rule 16b-6(b) thereunder.
(4)	On January 8, 2008, upon the settlement of an equity swap entered into by and between the Reporting Person and a securities broker, the Reporting Person received $8.38 per share for each of the 100,800 shares subject to the swap, offset by $8.38 per share owed by the Reporting Person to the broker, representing the base price per share (of stock subject to the swap). The termination of the equity swap is deemed exempt from Section 16(b) of the Securities and Exchange Act of 1934 pursuant to Rule 16b-6(b) thereunder.
(5)	On January 9, 2008, upon the settlement of an equity swap entered into by and between the Reporting Person and a securities broker, the Reporting Person received $8.17 per share for each of the 493,200 shares subject to the swap, offset by $8.38 per share owed by the Reporting Person to the broker, representing the base price per share (of stock subject to the swap). The termination of the equity is deemed exempt from Section 16(b) of the Securities and Exchange Act of 1934 pursuant to Rule 16b-6(b) thereunder.
(6)	On January 9, 2008, upon the settlement of an equity swap entered into by and between the Reporting Person and a securities broker, the Reporting Person received $8.17 per share for each of the 256,800 shares subject to the swap, offset by $8.58 per share owed by the Reporting Person to the broker, representing the base price per share (of stock subject to the swap). The termination of the equity swap is deemed exempt from Section 16(b) of the Securities and Exchange Act of 1934 pursuant to Rule 16b-6(b) thereunder.
(7)	On January 10, 2008, upon the settlement of an equity swap entered into by and between the Reporting Person and a securities broker, the Reporting Person received $8.39 per share for each of the 373,300 shares subject to the swap, offset by $8.58 per share owed by the Reporting Person to the broker, representing the base price per share (of stock subject to the swap). The termination of the equity is deemed exempt from Section 16(b) of the Securities and Exchange Act of 1934 pursuant to Rule 16b-6(b) thereunder.

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