- CNet, the US technology news and information network, has launched a $100 million integrated US advertising campaign in a bid to establish itself as the market leader in the highly competitive technology market.
On the back of the announcement CNet's stock fell sharply yesterday after it revealed that the ad campaign would result in a steep loss for 1999. CNet shares fell $5.88 to $51.75 on the New York Nasdaq.
Last year CNet reported a profit of 7 cents per share on revenues of $56 million.
The Ad campaign, developed by San Francisco-based agency Citron Haligman Bedecarre, will run on television, radio, in newspapers and magazines and on the web over the next 18 months. It will be one of the largest yet launched by an internet brand.
Halsey Minor, chairman and chief executive officer of CNet, said: "Over the past several years, CNet has established itself as a category leader. Now we intend to aggressively grow our market share."
As well as operating CNet.com, CNet produces television programming for both targeted and broader consumer audiences.