The fallen Internet provider, AOL has announced that they will be cutting 2,500 jobs. The announcement comes during the company’s spin-off from its parent company Time Warner. The cuts are said to be being made in order to prepare for that transition.
It was in 2000 that AOL merged with Time Warner, a decision that has been very disappointing for both companies. The separation of the two companies will be finalized on December 9.
AOL stated in a regulatory filing that the job cuts will save the company some $300 million annually. They are currently asking for volunteers but will start layoffs if enough individuals do not accept buyout packages.
AOL has seen its revenue drop 23 percent, in the most recent quarter. Once one of the top Internet providers of the 1990′s with its dial-up service, AOL saw a serious decline in business with the boom of high speed Internet.
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