Report: AOL to cut 700 jobs

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7BB261CBDC%2DF537%2D446B%2DBE6F%2D0B6D650A0C11%7D&siteid=mktw

NEW YORK (CBS.MW) -- Time Warner's America Online division is preparing to fire more than 700 workers next month as a part of a cost-cutting drive to fight a falloff in subscribers, according a published report Tuesday.

Citing unidentified sources, the Washington Post reported most of the job cuts will be focused on AOL's headquarters in northern Virginia, which houses 5,000 of its 13,000 U.S. employees. Executives at parent Time Warner (TWX: news, chart, profile) in New York weren't immediately available for comment on the report.

Shares of Time Warner, scheduled to release its third-quarter financial results Wednesday morning, rose 5 cents to $16.43 in morning trading. See earnings preview.

Almost from the day in January 2001 when the merger between Time Warner and AOL was completed, the online component has caused big headaches for the New York-based company's shareholders.

...more...

[leftchick]

1. Merry Christmas....

Not... :(

[madrchsod]

2. time warner screwed themselves

which is really funny...aol has always sucked.....

[saigon68]

3. Adios AOL

Scumbags

[funkhowser]

4. Good for them

Maybe they'll stop trying to bill me for service that I canceled in August when I went to DSL. And, I'm losing my job in February, so I feel their pain, but couldn't happen to a nicer bunch!

[area51]

5. "recovery"

Wow, look @ that Bush "recovery" go! </sarcasm>

[saigon68]

6. kick