21 Nov 2009

AOL to cut a third of workforce

7:31 am on 21 November 2009

Internet company AOL plans to lay off about a third of its staff, once it is spun off from media giant and owner Time Warner.

The move will involve about 2,300 job cuts at the firm, which currently employs some 6,900 workers, the BBC reports.

AOL and Time Warner combined in 2001, but in May, Time Warner stated its intention to spin off AOL into a separate company by the end of the year.

AOL says it will impose the cuts on a voluntary and involuntary basis, and hopes the move will save it $US300 million a year.