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CNET Laying Off 120 In ‘Workforce Realignment’; 10 Percent Of US Workforce; Internal Memo

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CNET (NSDQ: CNET), under pressure from an activist investor group, says it is laying off 120 employees, or 10 percent of its US workforce and 4.4 percent of its 2,700-strong total headcount, in a “workforce realignment”. In a just-filed 8-K, the company says the reduction is part of a plan to more appropriately allocate resources around key strategic initiatives. The layoffs, which will result in up to $4 million severance pay and up to $0.4 in other costs, are effective immediately.

The filing lists five specific areas CNET plans to work on:

— “realigning and streamlining G&A and other central services”
— “evolving the Company