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NEW YORK Under pressure from unhappy investors, CNET has slashed 10 percent of its workforce — or roughly 120 people. Yet Jana Partners, the investment firm that has made the most noise about its displeasure with CNET’s management, is not satisfied.
In a statement released today, Jana, which owns roughly 8 percent of CNET’s stock, slammed CNET for moving too slowly to address what it sees are major problems with the tech and lifestyle publisher. “It is astounding that it has taken years of shareholder value destruction for CNET to even start examining the basics of reversing its ongoing underperformance, and even then only after we began calling for change,” read the Jana statement.
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