Was it Henry Blodget's idea?

Shares of Cnet Networks spiked before retreating in the wake of a report that a group of investors is seeking to take over the company.

Andrew Ross Sorkin of the New York Times reported that a group of investment funds, led by Jana Partners, has amassed a 21 percent stake in media technology company Cnet and is hoping to oust its board.

Jana later confirmed the report in a filing with the Securities and Exchange Commission, criticizing Cnet for its poor stock performance and saying it plans to nominate seven members to the company's board.

Jana has enlisted Sandell Asset Management (bringing with it a 5 percent nonvoting interest in Cnet), Spark Capital, and Alex Interactive Media as part of the consortium issuing the hostile bid.

Cnet is said to have rejected the consortium's offer, saying that it did not have the proper standing to make changes to the board according to shareholder bylaws. But the online media company's poor performance in recent years leaves it vulnerable to shareholder shakeup.

Jana is already fighting back against Cnet's claim that stockholders are required to have held Cnet stock for one year in order to propose business or nominate directors.

Oddly, the hostile effort resembles a takeover plan for Cnet pitched by Henry Blodget on his Silicon Valley Insider blog last month.

The former Merrill Lynch securities analyst was banned for life from the securities industry for his role in hyping stocks during the internet boom. But perhaps he has found a new, legitimate way to tout an internet stock?