Earlier this month, DailyTech
reported that multimedia conglomerate Ziff Davis Media was in some serious
financial trouble. The company has approximately with $500M in liabilities
with only $313M in assets. As a result the company filed for Chapter 11
CNET bought much of Ziff Davis' property over the last few years, including the tech portal ZDNet.com. However, CNET seemed to have broken the ZD curse, reporting double digit growth and net profits since 2006.
Earlier today, CNET Networks announced internally it will lay off approximately 10% of its North American work force, or approximately 120 employees.
Specifically, Ashe mentions that TV.com will transition into a more community-driven portal. "TV.com will put more emphasis on areas of most interest to their audience including entertainment features, breaking news, trivia competition, and polls, rather than original video programming," he writes.
Cuts are expected to take place across all of CNET's
operations including CNET.com, Gamespot, News.com, TV.com, and CNET's blog networks.
Employees affected received notifications today and an
official announcement is said to be on the way in the coming days.