CNET Networks, publisher of News.com, plans to let go 120 workers as it struggles to realign itself, according to a regulatory filing.

The San Francisco company plans to take a pre-tax restructuring charge ranging $3.5 million to $4 million for severance pay as it tries to reallocate resources and cut costs, according to documents filed with the U.S. Securities and Exchange Commission on Wednesday.

The move comes as CNET has been under increased pressure from shareholders, including Jana Partners, Sandell Asset Management, and Spark Capital, who want to nominate new members to the Internet company's board of directors.

CNET News.com has been under attack on many fronts. TechCrunch blogger Michael Arrington  wrote last week that rival blogs continue to haul in wads of venture capital funding. He said that somebody needs to come along and roll together a blog empire that is a "big fat CNET crushing $200 million/year in revenue business."