CNet Networks says it is laying off 120 employees, or 4.4% of its workforce, as part of an effort to streamline the online media company while generating more content for its news and entertainment sites. All the layoffs 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 Web sites 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.
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