Cnet Networks 8-K Regulation FD Disclosure

EXHIBIT 99.1

CNET NETWORKS REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS

SAN FRANCISCO, October 16, 2003 — CNET Networks, Inc. (Nasdaq: CNET) today reported that revenues for the third quarter ended September 30, 2003 totaled $57.7 million, a 3 percent increase compared to revenues of $56.3 million for the same period of 2002. The Company’s third quarter operating loss was $4.5 million, versus an operating loss of $300.5 million in the same period in 2002. The Company’s operating loss in the third quarter of 2002 included $281.4 million of asset impairment costs primarily related to goodwill and intangible assets. Net loss for the third quarter of 2003 was $5.8 million, or $0.04 per share, compared to a net loss of $307.2 million, or $2.21 per share, for the same period last year.

In the third quarter, CNET Networks’ operating income before depreciation and amortization was $1.0 million, compared to an operating loss before depreciation, amortization, and asset impairment costs of $3.5 million in the third quarter of 2002. A table that reconciles operating income (loss) before depreciation and amortization to the operating income (loss) found on CNET Networks’ statement of operations can be found on the “Operating Loss Reconciliation” page that accompanies this press release.

Revenues for the nine months ended September 30, 2003 totaled $172.7 million, versus revenues of $169.2 million for the same period of 2002. The Company’s operating loss for this period was $28.9 million, versus an operating loss of $368.9 million in the same period in 2002. Net loss for the first nine months of 2003 was $33.2 million, or $0.24 per share, compared to a net loss of $364.1 million, or $2.62 per share, for the same period last year.

“The third quarter illustrates another quarter of solid, consistent performance. We are encouraged and excited about the positive industry trends, which point towards continued momentum and growth in the interactive content category,” said Shelby Bonnie, CNET Networks’ chairman and chief executive officer.  “As a leader in the creation, management, and monetization of interactive content, we believe that CNET Networks is well positioned to take advantage of growth opportunities within the content space.”

“Looking forward, the technology marketplace seems to have stabilized but remains challenging, while the marketing opportunities from consumer electronics and gaming products position us for growth going into the seasonally strong fourth quarter. Additionally, as a result of lower operating costs throughout the company and an increase in productivity, our operating profit margins should continue to improve,” Bonnie added.

Business Review

General highlights include:

· CNET Networks’ global network of Internet properties reached an average of 65.5 million unique users on a monthly basis during the third quarter of 2003¹.

· On October 1, CNET launched CNET Personal Tech Radar, a research initiative that combines a monthly survey of CNET’s active consumer electronics shoppers with site behavioral data. Personal Tech Radar results provide insight into shoppers’ real-life product interests and buying motivations, and are used both to inform CNET’s consumer audience of key trends and to guide CNET editors in developing highly relevant content.

· Also on October 1, CNET launched CNET Digital Living. Driven by Personal Tech Radar findings, the new CNET feature was designed to appeal to a broader range of consumers, who are interested in enhancing their lives using consumer electronics but are overwhelmed with product choices and compatibility concerns.

· During the third quarter, CNET Networks completed enhancements to the technology platform that runs its shopping and advice Web sites, including CNET and mySimon. The new platform increases the pace and scalability of innovation across the company’s shopping sites. Initial benefits include:

o The expansion of consumer electronics and technology product coverage. CNET and mySimon currently feature product coverage on over 7,000 products and are expected to have in-depth reviews and coverage on approximately 12,000 products in 30 categories by the end of the year.

o A series of enhancements to the mySimon site, including redesigns to the product, search results, and merchant listings pages, and the incorporation of CNET editorial content into mySimon.com’s consumer electronics shopping category. These types of enhancements, which will continue rolling out through next year, should further strengthen and differentiate mySimon as an informed, friendly, and valuable online shopping destination for both shoppers and merchants.

· CNET Networks continues to be recognized for its quality editorial content. The Company most recently received prestigious editorial awards and accolades from the American National Standards Institute (ANSI), and Technology Marketing magazine’s annual Top Influencers issue.

Business Outlook

Management estimates revenues will be between $68 million and $71 million and that operating income before depreciation and amortization will be between $10.5 million and $12 million for the fourth quarter of 2003. Management’s financial guidance for full-year 2003 consists of revenue estimates in the range of $235 million to $245 million, and operating income before depreciation and amortization of between breakeven and $5.0 million, including $9.8 million in realignment costs in the first half of 2003. Management is also providing preliminary guidance for 2004, estimating full-year net revenues will be in the range of $265 million and $275 million, and operating income before depreciation and amortization will be between $27 million and $30 million. A table that reconciles operating loss before depreciation and amortization guidance to operating loss guidance can be found on the “Guidance to the Investment Community” sheet that accompanies this press release.

Conference Call and Webcast

CNET Networks will host a conference call to discuss its third quarter financial and operating performance and the company’s business outlook beginning at 5:00 pm ET (2:00 pm PT), today, October 16, 2003. To listen to the discussion, please visithttp://ir.cnet.com and click on the link provided for the webcast conference call or dial (706) 679-3076. A replay of the conference call will be available through October 30, 2003 via webcast at the URL listed above or by calling (706) 645-9291 and entering the conference ID number 3065621. The company’s past financial news releases, related financial and operating information, and access to all Securities and Exchange Commission filings, can also be accessed athttp://ir.cnet.com.

Safe Harbor

This press release and its attachments include forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements include statements regarding the company’s expected financial results in the fourth quarter, full-year 2003, and full-year 2004 including the statements set forth in the section of the press release entitled “Business Outlook,” as well as other statements throughout the release that are identified by the words “expect,” “estimate,” “target,” “believe,” “anticipate,” “intend” and similar expressions. These statements are only effective as of the date of this release and we undertake no duty to publicly update these forward-looking statements, whether as a result of new information, future developments or otherwise. The risks and uncertainties include: decreases in advertising spending on the Internet, especially in the technology sector, or on CNET Networks’ properties in particular, which could be prompted by increased weakness in corporate or consumer spending or other factors; the failure of existing advertisers to meet or renew their advertising commitments; the loss of marketing revenue and users to CNET’s competitors, especially in the highly competitive field of comparative shopping services; a decline in revenues from our print publications as more marketing spending shifts to the Internet; the weakening of the US dollar, which could increase operating losses; the acquisition of businesses or the launch of new lines of business, which could decrease the company’s cash position, increase operating expense and dilute operating margins; the risk of future impairment of the company’s assets or the need to increase the company’s reserve attributable to abandoned real estate due to the Company’s inability to sublet the properties at projected rates; and general risks associated with our business. For risks about CNET Networks’ business, see its Annual Form 10-K for the year ended December 31, 2002 and subsequent Forms 10-Q and 8-K, including disclosures under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which are filed with the Securities and Exchange Commission and are available on the SEC’s website atwww.sec.gov.

About CNET Networks, Inc.

CNET Networks, Inc. (www.cnetnetworks.com) is a leading global media company informing and connecting buyers, users and sellers of technology, consumer electronics and gaming products. Known for its editorial expertise, CNET Networks combines its award winning content with the power of interactive technology to provide it’s users an intuitive, dynamic and relevant environment. The company’s content portfolio features top brands including CNET, ZDNet, TechRepublic, Download, GameSpot, and mySimon, as well as Computer Shopper magazine, and CNET Channel. With a strong presence in the US, Asia and Europe, CNET Networks has operations in 12 countries.

Investor Relations Contact:
Cammeron Finnegan
(415) 344-2844
ccammeron.finnegan@cnet.com Media Contact:
Martha Papalia
(617) 225-3340
martha.papalia@cnet.com

1. CNET Networks June-Sept. 2003 (internal log data)

CNET NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(000s, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Revenues
Internet	$	46,129		$	42,103		$	135,042		$	129,839
Publishing		11,615			14,163			37,691			39,317
Total revenues		57,744			56,266			172,733			169,156
Operating expenses:
Cost of revenues		33,208			35,911			103,488			110,223
Sales and marketing		16,191			17,056			51,273			58,040
General and administrative		7,320			6,770			28,385			35,519
Depreciation		3,836			6,706			13,303			19,713
Amortization of intangible assets		1,715			8,917			5,217			33,162
Asset impairment		--			281,401			--			281,401
Total operating expenses		62,270			356,761			201,666			538,058
Operating loss		(4,526	)		(300,495	)		(28,933	)		(368,902	)
Non-operating income (expense):
Realized gains on sale of investments		--			376			--			2,810
Realized losses on sale or impairment of
investments		--			(7,282	)		--			(15,648	)
Interest income		576			1,380			1,812			4,019
Interest expense		(1,727	)		(2,692	)		(5,274	)		(8,049	)
Other		(222	)		1,510			(488	)		1,406
Total non-operating income (expense)		(1,373	)		(6,708	)		(3,950	)		(15,462	)
Loss before income taxes		(5,899	)		(307,203	)		(32,883	)		(384,364	)
Income tax expense (benefit)		(61	)		--			356			(20,293	)
Net loss	$	(5,838	)	$	(307,203	)	$	(33,239	)	$	(364,071	)
Basic and diluted net loss per share	$	(0.04	)	$	(2.21	)	$	(0.24	)	$	(2.62	)
Shares used in calculating basic and diluted
net loss per share		140,529,839			138,888,158			139,737,338			138,776,774

CNET NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(000s, except share and per share data)

	September 30, 2003			December 31, 2002
ASSETS
Current Assets
Cash and cash equivalents	$	65,090		$	47,199
Investments in marketable debt securities		15,855			14,239
Accounts receivable, net		41,103			56,064
Other current assets		9,416			16,789
Total current assets		131,464			134,291
Restricted cash		19,159			18,067
Investments in marketable debt securities		37,506			65,602
Property and equipment, net		56,597			62,893
Other assets		23,411			21,406
Intangible assets, net		12,150			15,886
Goodwill		60,624			59,150
Total assets	$	340,911		$	377,295
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	6,819		$	6,572
Accrued liabilities		53,239			62,833
Current portion of long-term debt		125			220
		60,183			69,625
Non-current liabilities
Long-term debt		117,774			117,738
Other liabilites		2,763			3,875
Total liabilities		180,720			191,238
Stockholders' equity:
Common stock; $0.0001 par value; 400,000,000
shares authorized; 141,286,733 outstanding
at September 30, 2003 and 139,251,879
outstanding at December 31, 2002		14			14
Notes receivable from stockholders		(267	)		(397	)
Additional paid-in-capital		2,705,793			2,698,980
Accumulated other comprehensive income		(13,381	)		(13,811	)
Treasury stock, at cost		(30,428	)		(30,428	)
Retained deficit		(2,501,540	)		(2,468,301	)
Total stockholders' equity		160,191			186,057
Total liabilities and stockholders'equity	$	340,911		$	377,295

CNET NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
(000s)

	Nine Months Ended September 30,
	2003			2002
Cash flows from operating activities:
Net Loss	$	(33,239	)	$	(364,071	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization		18,520			52,875
Asset impairment and disposals		91			281,590
Gain on disposal of fixed assets		(333	)		--
Deferred taxes		--			9,273
Noncash interest		622			938
Gain on debt retirement		--			(3,086	)
Noncash stock compensation		53			--
Allowance for doubtful accounts		2,021			2,124
(Gain) loss on sale and impairment of marketable
securities and privately held investments		(10	)		12,838
Changes in operating assets and liabilities,
net of acquisitions
Accounts receivable		12,940			11,583
Other assets		2,729			(7,064	)
Accounts payable		247			(1,770	)
Accrued liabilities		(9,931	)		(22,553	)
Other long-term liabilities		(936	)		(2,526	)
Foreign currency translation gain (loss)		847			(2,627	)
Net cash used in operating activities		(6,379	)		(32,476	)
Cash flows from investing activities:
Purchase of marketable debt securities		(41,573	)		(131,373	)
Proceeds from sale of marketable debt securities		68,837			153,055
Proceeds from sale of marketable equity
investments		--			304
Proceeds from sale of (investments in)
privately held companies		--			3,000
Proceeds from asset sales		342			--
Net cash paid for acquisitions		(2,018	)		(7,094	)
Capital expenditures		(7,791	)		(14,071	)
Net cash provided by investing activities		17,797			3,821
Cash flows from financing activities:
Payments received on stockholders' notes		130			149
Net proceeds from employee stock purchase plan		456			623
Net proceeds from exercise of options and warrants		6,304			3,136
Principal payments on borrowings		(417	)		(3,941	)
Net cash provided by (used in) financing activities		6,473			(33	)
Net increase in cash and cash equivalents		17,891			(28,688	)
Cash and cash equivalents at the beginning
of the period		47,199			93,439
Cash and cash equivalents at the end of the period	$	65,090		$	64,751

CNET NETWORKS, INC.
BUSINESS SEGMENT SUMMARY
(UNAUDITED)
(000s)

CNET’s primary areas of measurement and decision-making include three principal business segments — U.S. Media, International Media and Channel Services. U.S. Media consists of an online network including sites providing sources of technology information, as well as shopping services and a technology print publication providing technology news and information. International Media includes the delivery of online technology information and several technology print publications in non-U.S. markets. Channel Services includes a product database licensing business and an online technology marketplace for resellers, distributors and manufacturers. Management believes that segment operating income (loss) before integration and realignment costs, depreciation and amortization is an appropriate measure of evaluating the operating performance of the company’s segments. However, segment operating income (loss) before integration and realignment costs, depreciation and amortization should not be considered a substitute for operating income, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles.

	Three Months Ended September 30, 2003
	U.S. Media			Inter- national Media			Channel Services			Other (1)			Total
Revenues	$	44,341		$	9,297		$	4,106		$	--		$	57,744
Operating expenses		42,020			10,396			4,303			5,551			62,270
Operating income (loss)	$	2,321		$	(1,099	)	$	(197	)	$	(5,551	)	$	(4,526	)
	Three Months Ended September 30, 2002
	U.S. Media			Inter- national Media			Channel Services			Other (1)			Total
Revenues	$	46,525		$	5,968		$	3,773		$	--		$	56,266
Operating expenses		48,029			7,199			4,509			297,024			356,761
Operating loss	$	(1,504	)	$	(1,231	)	$	(736	)	$	(297,024	)	$	(300,495	)
	Nine Months Ended September 30, 2003
	U.S. Media			Inter- national Media			Channel Services			Other (2)			Total
Revenues	$	135,355		$	25,098		$	12,280		$	--		$	172,733
Operating expenses		130,019			30,251			13,111			28,285			201,666
Operating income (loss)	$	5,336		$	(5,153	)	$	(831	)	$	(28,285	)	$	(28,933	)
	Nine Months Ended September 30, 2002
	U.S. Media			Inter- national Media			Channel Services			Other (2)			Total
Revenues	$	140,358		$	17,795		$	11,003		$	--		$	169,156
Operating expenses		154,072			24,087			14,952			344,947			538,058
Operating loss	$	(13,714	)	$	(6,292	)	$	(3,949	)	$	(344,947	)	$	(368,902	)

(1)     For the three months ended September 30, 2003, other represents depreciation of $3,836 and amortization of $1,715. For the three months ended September 30, 2002, other represents depreciation of $6,706, amortization of $8,917 and asset impairment of $281,401.

(2)     For the nine months ended September 30, 2003, other represents operating expenses related to realignment of $9,765, depreciation of $13,303 and amortization of $5,217. For the nine months ended September 30, 2002, other represents operating expenses related to integration and realignment of $10,671, depreciation of $19,713, amortization of $33,162 and asset impairment of $281,401.

CNET NETWORKS, INC.
GUIDANCE TO THE INVESTMENT COMMUNITY
(UNAUDITED)

$ in millions, except per share		Q3-03 Actual	Q4-03 estimate Low - High	FY 2003 estimate Low - High		FY 2004 estimate Low - High
Revenues Operating income (loss) before      depreciation and amortization Depreciation expense Amortization expense Operating income (loss) Interest expense, net Other income (expense) Tax expense Earnings (loss) per share	(2)	$57.7 $1.0 ($3.8) ($1.7) ($4.5) ($1.2) ($0.2) - -- ($0.04)	$68.0 - $71.0    $10.5 - $12.0       ($4.0)       ($2.0)  $4.5 - $6.0       ($1.5)       ($0.5)       -- $0.02 - $0.03	$235.0 - $245.0     $0 - $5.0      ($18.5)      ($7.5) ($26.0) - ($21.0)      ($5.5)      ($2.0)      -- ($0.24) - ($0.21)	(1)	$265.0 - $275.0 $27.0 - $30.0   ($17.0) ($3.0) $7.0 - $10.0 ($6.0) ($0.70) ($0.30) $0.00 - $0.02

1)    Full-year 2003 estimates include $9.8 million of realignment expenses.
2)    Assumes an effective tax rate of zero percent in Q4 and full-year 2003.

Safe Harbor Statement:

This document includes forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements include statements regarding the company’s expected financial results in the fourth quarter, full-year 2003, and full-year 2004 including the statements set forth in the section of the press release entitled “Outlook,” as well as other statements throughout the release that are identified by the words “expect,” “estimate,” “target,” “believe,” “anticipate,” “intend” and similar expressions. These statements are only effective as of the date of this release and we undertake no duty to publicly update these forward-looking statements, whether as a result of new information, future developments or otherwise. The risks and uncertainties include: decreases in advertising spending on the Internet, especially in the technology sector, or on CNET Networks’ properties in particular, which could be prompted by increased weakness in corporate or consumer spending or other factors; the failure of existing advertisers to meet or renew their advertising commitments; the loss of marketing revenue and users to CNET’s competitors, especially in the highly competitive field of comparative shopping services; a decline in revenues from our print publications as more marketing spending shifts to the Internet; the weakening of the US dollar, which could increase operating losses; the acquisition of businesses or the launch of new lines of business, which could decrease the company’s cash position, increase operating expense and dilute operating margins; the risk of future impairment of the company’s assets or the need to increase the company’s reserve attributable to abandoned real estate due to the Company's inability to sublet the properties at projected rates; and general risks associated with our business. For risks about CNET Networks’ business, see its Annual Form 10-K for the year ended December 31, 2002 and subsequent Forms 10-Q and 8-K, including disclosures under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which are filed with the Securities and Exchange Commission and are available on the SEC’s website at www.sec.gov.

CNET NETWORKS, INC.
QUARTERLY STATISTICAL HIGHLIGHTS
(UNAUDITED)

																Q3-03 comparison
	Q3-03			Q2-03			Q1-03			Q4-02			Q3-02			Q-Q % chg			Y-Y % chg
Total Quarterly Revenue ($mm)	$	57.7		$	58.4		$	56.6		$	67.8		$	56.3			-1	%		3	%
Revenue Distribution (%)
US Online Media and Commerce		63	%		63	%		59	%		62	%		60	%
US Print		14	%		14	%		22	%		17	%		22	%
International Media and Commerce		16	%		16	%		12	%		15	%		11	%
Channel Services		7	%		7	%		7	%		6	%		7	%
Subscription, Licensing, and Fee-based
Revenue as % of Total Revenue		20	%		19	%		18	%		16	%		18	%
Barter as % of Total Revenue		5	%		5	%		5	%		4	%		5	%
Advertiser Metrics
Top 100 US Advertisers' Renewal Rate (Q-to-Q)		94	%		90	%		89	%		85	%		88	%
Top 100 US Advertisers' % of Network Revenue		58	%		60	%		67	%		63	%		63	%
Select Business Metrics
Network Unique Users (mm)		65.5			63.3			60.3			55.2			50.6			4	%		29	%
Average Leads per Day * (000s)		416			420			442			326			261			-1	%		59	%
Total Leads * (mm)		38.3			38.2			39.8			30.0			24.0			0	%		60	%
GameSpot Complete Paid Subscribers (000s)		53.7			58.4			53.5			47.2			37.5			-8	%		43	%
Downloads per day (mm)		2.4			2.3			2.4			2.4			2.2			4	%		9	%
Data Source Licenses		312			303			277			258			218			3	%		43	%
Balance Sheet Highlights ($mm)
Cash	$	65.1		$	72.8		$	56.0		$	47.2		$	64.8			-11	%		0	%
Marketable Debt Securities		53.3			56.9			68.2			79.8			105.4			-6	%		-49	%
Restricted Cash		19.2			18.9			18.4			18.1			18.1			1	%		6	%
Total Cash and Equivalents	$	137.6		$	148.6		$	142.6		$	145.1		$	188.3			-7	%		-27	%;
Total Debt	$	117.9		$	117.9		$	118.0		$	118.0		$	170.1			0	%		-31	%
Days Sales Outstanding (DSO)		64			67			69			74			69			-4	%		-7	%;

* 2003 Average Leads per Day and Total Leads include leads from shopping services, downloads, search, and white papers.
   Prior periods do not include leads from search and white papers.

CNET NETWORKS, INC.
OPERATING LOSS RECONCILIATION
(UNAUDITED)
(000s)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2003			2002			2003			2002
Operating loss	$	(4,526	)	$	(300,495	)	$	(28,933	)	$	(368,902	)
Depreciation		3,836			6,706			13,303			19,713
Amortization of intangible assets		1,715			8,917			5,217			33,162
Asset impairment		--			281,401			--			281,401
Operating income (loss) before depreciation
amortization, and asset impairment	$	1,025		$	(3,471	)	$	(10,413	)	$	(34,626	)

The company believes that operating income (loss) before depreciation, amortization and asset impairment is useful to management and investors in evaluating the operating performance of the company. This measure should be considered in addition to, and not as a substitute for, other measures of financial performance prepared in accordance with GAAP.