Feed on
Posts
Comments

I just read at Reuters that CNET is going to fire 120 workers, that’s about 10% of its staff. CNET is the owner of various popular sites like news.com, download.com, GameSpot, GameFAQs, MP3.com, TechRepublic, ZDNet, …

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.

Jana Partners, which holds about 10 percent of CNET’s voting stock, is leading a group of investors that wants to “revitalize” the company and boost its share price.

RSS feed | Trackback URI

Comments »

No comments yet.

Name (required)
E-mail (required - never shown publicly)
URI
Subscribe to comments via email
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong> in your comment.