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CNet To Layoff 120
ADOTAS - Today, CNet Networks announced that it will be cutting 120 jobs as part of an effort to consolidate the firm while generating more content for its news and entertainment sites.
This equates to about 4.4% of CNet’s employees and will effect workers in the U.S., according to a document filed with the Securities and Exchange Commission, reports the AP.
Investors have been unhappy for some time that although the sites under CNet are among the most popular globally; the firm’s profits have not been up to par.
Layoffs will be effective immediately and will cost the company about $3.8 million in severance pay, outplacement and other expenses.
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