San Francisco, CA (AHN) - CNET Networks said Wednesday it will cut around 120 employees -- about four percent of its global workforce - as part of an effort to streamline the online news organization. Only U.S.-based employees are involved.

In documents filed with the Securities and Exchange Commission, CNET said the layoffs would cost the company between $3.5 million to $4 million for severance and outplacement.

CNET CEO Neil Ashe, in a memo, told employees the layoffs was a "very difficult decision." Ashe also outlined plans to regain a stronger economic footing, including raising cash for a China operation.