AOL to lay off a third of staff
By The Associated Press
This article was published November 19, 2009 at 8:38 a.m.
NEW YORK — AOL Inc., the struggling Internet company, plans to cut about a third of its workers if its planned spinoff from Time Warner Inc. goes through.
That would amount to nearly 2,300 of the roughly 6,900 total employees.
In a securities filing Thursday, AOL said it will impose the cuts on a voluntary and involuntary basis, hoping to trim annual costs by about $300 million.
The job cuts still need approval from the new AOL board. Time Warner, the New York media conglomerate, said this week that it will spin AOL off to investors Dec. 9.
AOL, which is based in New York but also has major operations in Northern Virginia, said it will take about $200 million in charges for severance and other costs related to the restructuring.
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