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cnet032608.pngCNET, one of the largest and oldest publishers of online technology news, is laying off ten percent of its workforce, or 120 employees.

The move, announced this afternoon in an internal memo obtained by PaidContent, is most likely intended to show that the company is serious about operating more efficiently. It is facing an increasingly threatening hostile board takeover effort led by hedge fund firm Jana Partners.

San Francisco-based CNET, a public company, has been fighting back against exploding competition from independent blogs. Most recently, it has re-arranged its editorial structure to put veteran reporter Dan Farber in charge, and it has given its rank-and-file editorial staff more freedom to blog.

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