*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.

New York - A group of investment funds led by Jana Partners has taken a 21% stake in technology publisher CNET Networks (NASD: CNET), and is seeking to oust the company's current directors and take a majority of its board, The New York Times reported, citing people briefed on the proposal. Other entities involved in the proposal -- which CNET has rejected, sources told The Times -- include Sandell Asset Management, Spark Capital and entrepreneur Paul Gardi.