CNET Networks (NASDAQ:CNET) has built a brand in the geeky world of tech products. Of course, with the drop in tech spending, CNET needed to make a transition. So the company is focusing more on the "digital lifestyle." Just look at cultural movements such as Apple's (NASDAQ:AAPL) iPod. Yes, tech can be cool and hip.

To this end, CNET purchased and Webshots. It has invested heavily in GameSpot, a portal of more than 3.5 million registered users.

For CNET, the new focus means getting advertising money from mega companies like Sony (NYSE:SNE), McDonald's (NYSE:MCD), and Nike (NYSE:NKE).

Is it working? Well, in the third quarter, the company posted revenues of $70.5 million, which was a 22% increase from the same period a year ago. Net income was $1.1 million, which compares with a net loss of $5.8 million in the year-ago quarter.

True, the results were strong, but they were a letdown for investors. Then again, investors are somewhat spoiled by the super growth of Net stars such as Yahoo! (NASDAQ:YHOO).

Investors have something else to wonder about: The chief financial officer of CNET is moving to another role in the company. Is there a problem in terms of managing the company's finances?

Speaking of finances, CNET also announced a $300 million shelf registration -- even though it has $93 million in the bank. This filing will allow the company to raise money at a moment's notice. Perhaps CNET is contemplating a big acquisition? After all, the company wrote a check for $60 million for Webshots.

Fool contributor Tom Taulli does not own shares in the companies mentioned in the article.