[img src="" caption="" credit="" alt=""]According to Reuters, CNET has laid off 120 people, representing around 10% of its staff. While CNET has grown revenue at a steady pace (from $354M in ’05 to $405M in ’07), shares have languished, and internal issues have emerged as investors look for better returns:
“The moves come after hedge fund Jana Partners LLC won a key court ruling earlier this month that could help it take control of CNET's board.
Jana Partners, which holds about 10 percent of CNET's voting stock, is leading a group of investors that wants to "revitalize" the company and boost its share price.”
Coincidently, the news comes on a day where a posting at 24/7 Wall St projecting rather lofty valuations for blogs (including $10M for Mashable! Where's my raise Pete?) is making its way around.