CNET (NSDQ: CNET), under pressure from an activist investor group, says it is laying off 120 employees, or 10 percent of its US workforce and 4.4 percent of its 2,700-strong total headcount, in a “workforce realignment”. In a just-filed 8-K, the company says the reduction is part of a plan to more appropriately allocate resources around key strategic initiatives. The layoffs, which will result in up to $4 million severance pay and up to $0.4 in other costs, are effective immediately.

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The filing lists five specific areas CNET plans to work on:

—“realigning and streamlining G&A and other central services”
—“evolving the Company’s editorial organization to enable greater focus on content creation”
—“innovating the Company’s technology infrastructure, including the adoption of open application programming interfaces, or APIs, and implementing other measures to enhance greater efficiencies”
—“simplifying the Company’s sales approach to enhance sales productivity”
—“implementing business unit changes to realign resources to support the Company’s strategic priorities and promote efficiencies”

The company continues to be locked in a battle with activist investors led by Jana Partners, which recently won a court ruling allowing it to nominate directors to CNET’s board. The company has vowed to appeal.

Update: We’ve obtained the full text of the internal memo sent out by CEO Neil Ashe this afternoon