Legit News
Online media company CNET cutting 120 jobs
Online media company CNET Networks Inc said on Wednesday it will eliminate 120 jobs, or about 10 percent of its staff, in a restructuring to help it focus on long-term growth amid complaints from some investors.
CNET expected pre-tax restructuring charges from the job cuts to run between $3.5 million and $4 million, most of which will be taken in the first quarter of 2008. The job cuts are effective immediately. The moves come after hedge fund Jana Partners LLC won a key court ruling earlier this month that could help it take control of CNET's board.
Posted by | Thu, Mar 27, 2008 - 01:34 AM