AOL To Slash A Third Of Its Jobs

AOL, the struggling Internet company, announced it's cutting a third of its staff as it prepares to spin off from parent Time Warner next month.

AOL, which now employs 6,900 workers, is asking for 2,500 volunteers to accept buyouts and plans to resort to layoffs if it does not get enough people.

Last month, the company's chief executive, Tim Armstrong, announced a strategic shift for the company, toward building "a large platform around content and monetizing that content." To support this new strategy, AOL has in the past six months grown its staff of journalists from 500 to 3,000, he said.

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