More to come: Jana Partners, part of the consortium trying to push CNET (NSDQ: CNET) Networks into a board change, has increased its stake in the company. It now holds approximately 10.5 percent (up from the previously disclosed 8.1 percent)of CNET’s voting stock and maintains a separate, approximately 6 percent non-voting economic interest. In addition, the other member of the consortium, Sandell Asset Management Corp. now holds an approximately 1.5 percent voting interest and maintains a separate, approximately 3.5 percent non-voting economic interest in CNET.

Also, the positions of both parties are getting harder: Jana said in the statement that CNET was misrepresenting that it was attempting to gain “control of the company without offering sufficient value to all stockholders.” Jana Managing Partner Barry Rosenstein said that the group’s plan “is to add highly-qualified Board members who will focus on creating long-term value for all stockholders and that no offer for the company had been made by the group.”

Some more trash talk: “Not surprisingly, CNET has mischaracterized our objectives. We have not made an offer to buy the company without paying a premium. In fact, it is CNET’s own underperformance that makes it more vulnerable to an opportunistic acquirer looking to acquire it cheaply and create value for its own benefit rather than the benefit of all stockholders...We find it outrageous that CNET’s response is to hide behind a clearly invalid interpretation of the bylaws to prevent stockholders from exercising their legitimate rights, which we believe will be futile.”

Joseph adds: And in the curious timing department: This news is coming out just as CEO Neil Ashe is discussing Jana’s move at Citi’s media conference. Ashe: “I would applaud them on their timing, because this is absolutely a good time to invest in CNET.” He then went on to list a number of reasons why CNET is in a much better spot than it was a year ago at this time.

• CNET Responds To Investor Interest; Deems It “Improper”
• Updated: CNET Networks Bracing Up For a Proxy Fight; Could Face Investor Takeover