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.