*A correction has been made to this story.

San Francisco - Technology publisher CNET Networks (NASD: CNET) said on Wednesday that it will lay off 120 employees, or about 4-5% of its worldwide staff, as part of a plan to "put greater emphasis on its strategic priorities, which include focusing on its leading brands, driving greater efficiencies throughout the business, and reducing costs," the company said in a regulatory filing.

The company expects to take a charge of $3.5 million to $4 million associated with severance pay and other expenses related to the layoffs, which will take effect immediately.

San Francisco-based CNET has of late been under pressure from an activist shareholder group, Jana Partners, which recently won a court ruling authorizing it to nominate several new directors to the company's board.

Correction: This story originally said that the 120 layoffs represented 10% of CNET's staff. The company counts around 2,600 employees, so the layoffs represent about 4-5% of its total workforce. The layoffs do represent 10% of the company's staff in the U.S.

Related Links:
http://snipurl.com/22pex (SEC filing)

http://www.cnet.com