CNBC cuts online, offline staff

Business TV news network CNBC said Thursday it has reduced its network staff by 4 percent and CNBC.com staff by 26 percent, making it the latest media company to include layoffs in cost-cutting measures.

The reductions come after last week's announcement that the TV network and CNBC.com are consolidating. Paul Capelli, vice president of public relations at CNBC, said there were about 520 staff members at the network and 100 people at the online unit before the layoffs.

Capelli said the 26 percent reduction at CNBC.com affect full-time staff members. Freelance staff was also reduced. -- Gwendolyn Mariano, Special to ZDNet News