BREAKING NEWS & VIEWS
Breaking: AOL to Cut Third of Workforce
Thursday, November 19, 2009
The move positions AOL as a more attractive investment for early buyers of the new AOL stock offering. Some of the staff cuts may come by way of sell-off of current AOL technologies and units that are ancillary to the content-centric mission that new CEO Tim Armstrong has outlined. The company hired investment advisers to help sell its instant messaging ICQ unit, for instance, and it may also sell the MapQuest group. AOL also operates Moviefone and one of the largest ad networks on the Web, Advertising.com. The weighting of the cuts across the remaining technology and content groups is not yet clear.
According to the SEC filing, the goal of this restructuring is to cut about $300 million in costs, although the restructuring itself will cost about $200 million, AOL says.
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