AOLTW TO CUT STAFF
AOL Time Warner is expected to announce a round of substantial layoffs at its online unit soon, according to people familiar with the situation, according to the Wall Street Journal.
After reporting lower-than-expected revenue growth and hinting the company might not meet its year-end figures last month, AOL Chairman/CEO Gerald Levin said he was "making cost management a permanent way of life." At that time, Levin didn't exclude the possibility of future layoffs.
This round of cutbacks at the America Online division, Dulles, VA, is expected to involve hundreds of employees, although an exact number wasn't known. This marks the second round of cutbacks for the company. In January, 725 workers at the 15,000-person division were laid off as part of a companywide cutback of more than 2,000 jobs resulting from the completion of the merger between America Online and Time Warner, according to the Journal.
The move comes as the media conglomerate is struggling to meet its financial targets amid a deteriorating advertising climate.
An AOL spokesman declined to comment on specific layoffs.
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