The New York Times is reporting that a consortium of "prominent investment funds" have managed to grab up 21 percent of CNet and are now working to kick out the company's directors and take over the majority of the company's board.
The Times piece is based on people who were privy to a memo sent from the consortium to the board about two weeks ago. Among CNet's assets, of course, are gaming site GameSpot and tech site TechCruch.
The consortium is led by Jana Partners and includes Sandell Asset Management, a venture capital firm and entrepeneur Paul Gardi, the guy behind Ask Jeeves tech.
No word on if or how this could possible impact GameSpot.