Good afternoon. My name is Don and will be your conference operator today. At this time I’d like to welcome everyone to the CNET Networks fourth quarter final results conference call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks there will be a question and answer session. (Operator Instructions) Nicole, you may begin your conference.

Good afternoon. Before we get started I’d like to remind you that this call is being webcast. The webcast can be accessed on the CNET Networks’ investor relations website at IR.CNETNetworks.com. A replay will also be available shortly after the completion of the call. I’d like to remind you that in the financial news announcement released today and also on the call CNET Network is providing specific forward-looking statements including statements related to our future business plans and strategies including market focus, advertising sales and potential acquisitions and business partnerships and guidance related to our expectations of future financial performance. Any forward-looking statements made as part of our news today are subject to risks and uncertainties that can cause actual or [inaudible] results to differ materially. These risks are outlined in our fourth quarter news announcement as well as in the company’s Securities & Exchange Commission filings including the 10K for the year 2006 which can be obtained from the SEC’s website or directly from our investor relations website. All information discussed on this call is as of today, February 5, 2008 and CNET Network undertakes no duty to update this information. Last but not least, you can find a reconciliation of the non-GAAP financial measures that we use in our news release and on this call to GAAP financials on the last pages of today’s news announcement. Hosting today’s call is Neil Ashe CNET Networks’ CEO and George Mazzotta our Chief Financial Officer. Following their prepared remarks we will host a brief question and answer session. To facilitate the question and answer session we will be muting the line following each question and we’ll take follow up questions if time allows. Now, let me turn the call over to Neil.

Thank you all for joining us. CNET Networks operates websites, some of the best in the world. Our brands offer content rich environment for millions of engaged people to participate in topics that they care deeply about. Collectively, we comprise the 10th largest Internet audience on the web. Our premium brands have consistently and repeatedly proven that they deliver for today’s marketers. We compete in a fast paced industry where change is constant. CNET Networks has consistently demonstrated the ability to innovate both to lead and to react to these changes, 2008 will be no different. We enter 2008 with a solid management team, a quality collection of properties and a balance sheet that gives us the financial flexibility to continue to create value for all shareholders. We are pleased with our performance in the fourth quarter and I’d like to provide you some highlights for both our fourth quarter and our full year results. The number of people and the time that they spend with our properties continues to grow. During the fourth quarter we reached 148 million monthly unique users who consumed over 87 million pages each day. Time spent across our properties continues to grow up 12%. Total revenues were $125.5 million up 11% from the year ago quarter. Display advertising revenue increased 20%. For the full year total revenue was $406 million up 10% from 2006. Display advertising revenue for the year increased 17%. As we look back we should note that the last two years have presented significant distraction for our company. At this time last year we were in the midst of a stock options investigation, we had a significant number of open senior management positions, we had an underperforming asset in WebShots and we had a balance sheet which afforded us limited financial…

My comments today will first focus on our performance for the fourth quarter and then full year results before concluding with our guidance for first quarter and full year 2008. As a reminder, the recent sale of WebShots is treated as a discontinued operation for accounting purposes. This means that the fourth quarter net operating results of WebShots is reflected as a separate line on our income statement labeled discontinued operations. In addition, the historical operating results of this business are removed from continuing operations within our financial statements for all comparable periods beginning with the first quarter 2007 financial report. To facilitate the process of updating analyst models we posted pro forma financial results excluding WebShots from historical periods on the home page of our investor relations website and in an 8K issued last month. We are pleased to report a strong finish to the year with total revenue for the fourth quarter of $125.5 million which is an 11% increase from $113.1 million last year. Our revenue growth was driven by a 20% increase in display media revenue. We experienced growth in display media revenue across our entire network most significantly from our international operation but also from our CNET entertainment and business properties. As we discussed on previous conference calls we exited our events business in China and the UK, our media operations in Korea and our [inaudible] business in the US during the fourth quarter of 2006. Combined, these businesses contributed about $3.2 million of revenue during the fourth quarter of 2006. Excluding these closed businesses from our fourth quarter 2006 results total revenue during the fourth quarter of 2007 would have grown by 14%. Marketing services revenue increased 12% to $113.7 million driven primarily by a 20% increase in display media offset by declines in…

We are pleased with our fourth quarter performance as we look ahead to 2008 we have the right management team, asset mix and balance sheet to execute on our business and to continue to create value for all shareholders. Our company is focused, aligned and ready to implement the business strategy that we have outlined: focus on our key brands, alter our business model to reaccelerate revenue growth while at the same time we re-define efficiencies to expand our operating margin and recognize the value of our China business and accelerate its growth. We compete in a fast paced industry where change is constant. Our company has consistently and repeatedly innovated to lead changes in the internet landscape and we are excited to do so again in 2008. That wraps up our formal comments and we would like to turn over to the operator so we can open up for your questions.

(Operator Instructions) We’ll pause for just a moment to compile the Q&A. Your first question comes from Imran Khan with JP Morgan. Imran Khan – JP Morgan: Two questions, first I was trying to get a better sense if you have seen any impact or if you’re hearing from your advertisers about any concern about the recession and how that may or may not impact your business. And secondly, I think as we look at your user base can you give us some color like what kind of monetization opportunity you see among that user base, how much improvement you can drive on your revenue part [inaudible].

As we look out at 2008 we have almost the same crystal ball as everyone else does on the economy and while we recognize that no company is larger than the economy and we all will be affected by it we’ve so far seen limited affect in the first quarter. We’ve seen I would call it lightness but not anything significant across each of our different areas. But, I will not that it has been relatively consistent in the US business that we have not seen in the international business. Our first quarter revenue expectations are affected by a couple of things: lower other marketing services revenues as well as the annualization of some of the affects we’ve talked about from the second, third and fourth quarters of last year with our corporate account. So, we are guarded in our expectations about the economy and advertisers have essentially communicated that same message to us. Then secondly, as it relates to our yield opportunity against our properties, we’ve maintained for a long time that our premium content environments are the most valuable parts of inventory on the web and we’ve both proven that with our RPM. But, at the same time we recognize that there are opportunities to increase that and monetization is not uniform across all of our properties. So, as I said in my prepared remarks we’re considering sales partnerships which allow us to benefit from the advances that have been made in things like behavioral targeting and other relationships which we expect could be an interesting addition to our revenue. Further, as you look at the monetization across our properties we monetize exceptionally well at CNET obviously and we have opportunities in each of our other areas to increase our monetization. We haven’t figured out exactly what the blended affect on RPM would be to that but we are confident in that having a very interesting impact on our revenue growth both this year and into the future.

Your next question comes from David Joseph of Morgan Stanley. David Joseph – Morgan Stanley: With revenue growth expected to be 8 to 13% in 2008 but growth in the first quarter expected to be about 2 to 7% it seems like you’re expecting an improvement in the latter part of the year and I just wanted to hear from you what might be driving that? Then also, as you’re talking about these opportunities selling on and off the network, it sounds like you’re pretty much describing an ad network. Are you thinking about a bunch of different individual relationships? Or, a couple of big ones?

First, on the annualization of our results; yes, the first quarter appears to be lighter than the rest of the year in our current expectation. That’s a result, as I said in the answer to the last question, an annualization of the affects of some of the things that happened to us in the second, third and fourth quarter with some of our large technology accounts that were heavy spenders in the first quarter of 2007. In addition, we expect our other marketing service revenues to decrease in the first quarter of 2008. So, we’re expecting display advertising revenue growth across the company to be baked into those expectations, roughly consistent with where it was in 2007. On your second question around the ad network right now at CNET we’re testing a limited ad network with a couple of partners. We are evaluating the efficacy of both our ability to sell it as well as the packages that work with advertisers and we are testing whether we will have finite ad networks meaning go after a specific category or we expand it larger than that. That evaluation will take us the next three to six months.

Your next question comes from the line of Kit Spring with Stifel Nicolaus. Kit Spring – Stifel Nicolaus: I think you mentioned that search declined, I could be wrong about that. Why would that be? Is that due to increased toolbars or something like that? Then, on the departure of George, you made it sound like that was somewhat expected? Was it expected? Or, not? Is this George’s effort or CNET’s? What’s spurring the change?

First, as it relates to search advertising and that was specifically related to the first quarter of 2008, we had an outstanding year first quarter last year with significant search revenue which is the impact of that and we are working with Google who is our current search provider on our ongoing relationship. Then, as it relates to George, George made a commitment to me when I took over that he would complete the stock option investigation and build a world class finance organization for CNET Networks and he has done that. We are grateful for both those activities; thank you George. This is George’s decision to move forward and test other avenues for his career.

Your next question comes from the line of Mark Mahaney with Citi. Mark Mahaney – Citigroup Smith Barney: Neil, I was wondering if I could ask you unfortunately something of a tangent question. There have been some statements made recently about social networks, user generated content sites and challenges greater than expected in monetizing them. Do you have a perspective on that? You obviously no longer have WebShots. To some extent you do have user generated content sites, in fact that’s a fair amount of what CNET is although it’s expert user generated content sites but, any comments on whether those trends have been more sluggish than you would have expected?

Well, first starting with our properties, as I said before, we have been very consistent in our view and advertisers expectations of the ability for our content rich branded environments to deliver their needs both for marketers of many stripes. So, we are obviously bullish on that value. We said for a long time that we expect there to be – that the market has spoken with a striation of a monetization with social networks in the bottom tier, portals in the middle tiers and then premium properties like ours in the upper tier. So, we’re not wholly surprised by those announcements. Our own experience with WebShots is that we could affectively triple the advertising RPM from when we bought it to when we sold it but it still was not interesting enough for us to continue with. All of this informs our strategy to try and continue to build these category defining brands and really heavy into them and make those individual brands as big as possible. BNET is a great example of that. BNET is very large and we are not monetizing it very well right now just nine months out of the gate. But it’s the kind of branded environment that attracts new advertisers and them to spend. You know I saw call reports from people like Southwest Airlines, American Express and others just in the last week around BNET. So, we have a wide swath of very attractive inventory for these larger branded advertisers and we’ve proven over the last decade or so that these banded properties work.

You next question comes from the line of Youssef Squali from Jefferies & Company. Youssef Squali – Jefferies & Company: I have a question about acquisitions or potential acquisitions. It’s been a while since a new acquisition in the US so can you give any color on that and what’s holding you back and how are valuations turning in this space?

We have a history of being an industry consolidator and we are desirous of being an industry consolidator going forward and many of the changes that we are making in the organization now are so that we can realize scale over the next several years. You accurately hint that we found in the US over the course of the last 12 to 18 months a disconnect between private market expectations and public market values which have made the properties that we’d like to acquire very expensive. So far that hasn’t changed but we expect it to if economic trends continue. So, if that happens we will again attempt to go on the acquisition prowl in the US. We would look for, in additional to the obvious kind of bolt-on opportunities to our existing properties. We’d further look for larger businesses that could change the makeup of the company. We have said, as we’ve said before, we’d like to get away from so many small acquisitions and focus on larger opportunities. As we go forward if the valuations correct, as we hope that they will we will absolutely look for acquisition opportunities and we will to make them be significantly added to the growth of the business.

And the next question comes from the line of Jennifer Watson with Goldman Sachs Jennifer Watson – Goldman Sachs: Can you discuss where you think the greatest opportunity is in terms of the display, advertising on the sites whether it’s from increasing your share of wallet of your existing advertisers or basically bringing in new advertisers?

It varies based on our different properties. Frankly, we’re in different stages of development so at CNET for example it is obviously continuing to expand the share of wallet but it’s also more importantly brining on new advertisers as we continue to expand the range of advertisers which are relevant there. As you get to BNET or our entertainment properties, there are less obvious specific endemic advertisers and more obviously a lot of new advertisers so I think that will drive the display growth in business and entertainment through bringing in new advertisers to the properties. We expect in the year, in our core categories of pretty much as we’ve seen over the course of the last year, the gains cycle is in our favor for gains advertisers. We’ve had real success with the consumer electronics category with CNET so those are our largest areas of expectations right now.

And your next question comes from the line of Lloyd Walmsley with Thomas Weisel Partner. Lloyd Walmsley – Thomas Weisel Partners: I was wondering if you could comment a little bit more specifically with what you all might be able to do with your assets in China? Would you consider an outright sale of those assets and are there any government related hurdles to doing that or generally operating in China that you see as an American company? Then, I was also wondering if you could just comment, it sounds like BNET and CHOW which are two somewhat emerging brands are going to be focuses in part of your core, what sort of levels of investment is that going to require this year in terms of operating at negative contribution margins?

First on China, as we’ve said we’re very proud of what we’ve built in China with the leadership position in technology, a leadership position in autos, a developing positioning in lifestyle and a proven ability to enter new categories. We think we have built a very valuable business that has a lot of room for growth and we want to capitalize on that. As I said in my remarks, we are considering taking on local capital in our China business to accelerate that growth. We continue to see acquisition opportunities which are attractive and we believe that there is real growth. So, our areas of focus right now is to take capital to grow that business and that will decide based on the terms of that capital as well as our desire to continue to put – we could always continue to put the capital to work ourselves if it came to that. Our expectation right now isn’t that there would be an acquirer of our China business. Our expectation is that we have a lot of room for growth and we want to realize that growth. As it relates to the developing property of BNET and CHOW both BNET and CHOW will operate at a slight loss this year, our expectations are in 2008 as we continue to invest. We have different opportunities at each of BNET and CHOW. First, at BNET we have obviously dramatically grown our traffic there in one of the higher value segments on the web. So, we are heavy into BNET and we are excited about BNET and you will see continued development on that property as we continue to provide the resources necessary, as I said earlier, for action oriented business professionals to be successful. So, look for us to have product innovation over the next three to six months on BNET. Conversely, CHOW in the food market is a smaller opportunity then BNET but we’re very proud of the product that we have produced at CHOW. It’s clearly the coolest food site out there and clearly has demonstrated the ability to innovate but on an absolute basis the BNET opportunity is larger than the CHOW opportunity.

Your next question comes from the line of [Kai Zagala] with Banc of America. [Kai Zagala] – Banc of America Securities LLC: It seems that you renewed your contract with Google which was up for renewal I think late 07. I was wondering if you could talk about the length of your renewal and any color on whether the search economics were better or worse? Then, just a separate question on selling off network inventory, I was wondering if you had any publisher partners signed up there?

First as it relates to our search relationship, we have had a long and profitable relationship with Google and we are in the process of continuing that long and profitable relationship with Google. We won’t obviously break out specifics for that contract but, they are clearly the industry leader. They clearly monetize better and they are the largest player in the industry. So while they are very, very good partner of ours I would say it is accurate that they have more negotiating leverage in any renewal than we do. The second question as it relates to the off network advertising at CNET we acquired a small business called TechTracker Media in the fourth quarter. I believe we closed in the late third quarter, early fourth quarter of last year and we are testing the ad network that they had existing. So, with smaller sites like O’Reilly Media and others we are testing that. We are also testing our ability with advertisers to expand in categories at CNET where we have very strong relationships and they have strong desires to expand their spend. More to follow on that over the course of the next three to six months as I said earlier but, we’re evaluating that opportunity.

Your next question comes from the line of Clay Moran from Stanford Group. Clayton Moran – Stanford Group: You gave us a little bit of details on the potential creation of a vertical ad network but I think you also mentioned using an ad network to monetize some of your own inventory. Can you give us a time frame there? And also potentially what percent of your inventory you might monetize that way? Also a couple of quick clarifications, I thought George had said search revenue was down in the fourth quarter, Neil you said it was the first quarter. Can you clarify what the search revenue was in the fourth quarter? And also can you clarify what other marketing services are?

On the first question and this is very important for semantics so I’ll give you exactly how we refer to that. Other people selling our network we generally refer to as yield management and us selling other peoples inventory we refer to as an ad network. So first on the yield management front, I think that we are obviously unique in our size and scale and ability to impact other ad networks. We believe that the advances in behavioral targeting and other elements of the platforms of the portals have given them the opportunity to start to effectively monetize a portion of our inventory. We think that is a small minority, you know no more than 10 to 20% of our inventory. The advantage to them obviously is that our properties perform and our users perform better than almost anyone on the web. The advantage to us is that it helps our yield management strategy and so that’s what we will pursue on that front. As it relates to clarification on the search, George do you want to take that one?

Sure. For the fourth quarter what we said in our marketing services revenue is that it grew by 11% driven mostly by a 20% increase in display media. Other marketing services revenue declined by about 16% mostly because of the search revenue. Search revenue in total probably represents around 9% of the total revenue.

Then the clarifying question he asked on what is in other marketing services that’s anything other than display media, revenue that runs on our properties. So for example Leads CNET, search, etcetera, things like that.

And your next question comes from the line of Heath Terry with Credit Suisse. Heath Terry – Credit Suisse: I was wondering if you could give us an idea of what kind of impact you’re seeing directly in the GameSpot business as we’ve gone into this console cycle? And what your expectations are for this year as now all the consoles are launched, we had the first big Christmas what might be a slower year for game ads spending overall?

As we’ve said our game revenues largely come from publishers and their function of title releases as well as the installed base that defines their target market. So the more installed units there are out there the better for us and the more launches the better for us. With regards to our gaming publishers, we had very good third and fourth quarter each up over 20% on game publisher revenue. Conversely in the first quarter there aren’t a lot of new titles in the first quarter and some of those like Grand Theft Auto for example have been pushed into the second quarter. So our expectations are that we will be up double digits with our game publisher advertisers this year. And, ultimately our revenues will be determined basically by what they define as their addressable market. So we are heavy advocates of there being a large installed base of every console possible to drive publisher revenues.

And there are no further questions at this time.

Well thank you all for your participation and thank you for taking the time to understand CNET Networks. We appreciate the opportunity to tell you about our company, tell you where we’re going and tell you how we think we can continue to create value for all shareholders at CNET Networks. Thank you all very much and we will talk to you again in 3 months.

And this concludes today’s CNET Networks fourth quarter financial results. You may now disconnect.