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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
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