CNet Networks Inc. says it is laying off 120 employees as part of an effort to streamline the online media company while generating more content for its news and entertainment sites.

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 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. Read more

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