AOL to chop quarter of workforce

Time Warner's AOL online division said that some 5,000 workers, or about a quarter of its staff, would no longer be on its payroll within six months as part of a restructuring that includes selling its European Internet access businesses. "Jon Miller (AOL's chief executive officer) told AOL's worldwide work force of 19,000 people that within six months, it was likely that around 5,000 employees would no longer be with the company," an AOL spokesman said.

AOL said it has a new strategy to boost online advertising sales by offering its e-mail and other Web services for free. The one-time king of the online world said it expects to book restructuring charges of up to $350 million by the end of 2007. It also plans to cut more than $1 billion in operating expenses in 2007.

(2006-08-04 09:26:13 SGT) [Biz] Permalink

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