AOL to layoff 300 in 1st wave of cuts
Reuters | at | by Mike
America Online will cut about 300 jobs on Wednesday, beginning an expected wave of layoffs as it trims costs and tries to revive the embattled Internet division of AOL Time Warner Inc., a source close to the company said. Sources familiar with the situation as well as analysts expect the layoffs to be the first over the next couple months.
Some sources have said the layoffs could match the 1,925 made last year, shortly after AOL completed its $106.2 billion purchase of Time Warner. The AOL division has been struggling with a deep slump in advertising spending and subscriber growth, as well as ongoing federal probes into its accounting practices.