CNET Networks cutting around 120 jobs

Online media company CNET Networks has revealed that they are now going to cut around 120 jobs in the company.

This comes to around 10% of their total staff.

These job cuts are part of their restructuring exercise as the company is facing intense competition online from blogs and rival networks.

CNet added that these job cuts are effective immediately and the pre-tax restructuring charges it would cost them between $3.5 million and $4 million.

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