Times Warner spin-off: AOL to axe 2500 jobs

New York, Nov 20: AOL will be laying off about 2,500 employees in a bid to cut annual costs by 300 million dollars.

This step comes as part of the web company's planned spin-off from Time Warner Inc to become an independent company focused primarily on advertiser-supported content.

Revealing its plans to axe one-third of its workforce, AOL on Thursday, Nov 19 said that it has called for volunteers.

However, if enough volunteers do not step up, the company will be carrying out the plans through involuntary layoffs.

OneIndia News