CNet Networks to Cut 120 Jobs
posted 9:23 pm Wed March 26, 2008 - SAN FRANCISCO
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CNet Networks Inc. says it is laying off 120 employees as part of an effort to streamline the online media company while generating more content for its news and entertainment sites.
All the layoffs - about 4.4 percent of CNet's work force - will involve employees in the U.S., according to a document CNet filed Wednesday with the Securities and Exchange Commission. CNet's suite of popular Web sites commands a huge worldwide audience, but its investors have long complained the company's profits haven't kept pace with the growth of Internet advertising.
The company indicated in the filing that the layoffs would be effective immediately and cost at least $3.8 million in severance pay, outplacement and other expenses.
Along with the technology news site CNet.com, the San Francisco-based company operates News.com, TV.com, GameSpot.com, Chow.com and BNet.com. It said in a February filing that, as of Dec. 31, it employed about 2,700 people worldwide.
CNet shares rose 6 cents Wednesday to close at $7.25.
The company indicated in the filing that the layoffs would be effective immediately and cost at least $3.8 million in severance pay, outplacement and other expenses.
Along with the technology news site CNet.com, the San Francisco-based company operates News.com, TV.com, GameSpot.com, Chow.com and BNet.com. It said in a February filing that, as of Dec. 31, it employed about 2,700 people worldwide.CNet shares rose 6 cents Wednesday to close at $7.25.
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