The Associated Press reports that tech publisher CNET is cutting 120 positions – all in the U.S.
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 websites 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.
