JANUARY 28, 2009, 3:32 P.M. ET AOL Laying Off 700 Staffers
By EMILY STEEL Wall Street Journal http://online.wsj.com/article/SB123317089938325253.html Time Warner Inc.'s AOL unit is laying off 700 employees, or 10% of its work force, amid a steep decline in ad revenues and changes in its business structure. The layoffs will occur during the next several quarters, with most of the U.S. layoffs finished by March, AOL Chief Executive Randy Falco wrote in a memo to staff. AOL also is eliminating merit pay increases this year. "The deepening economic recession has affected every corner of the economy, including our own. Online marketers have tightened their ad buying across the board, reducing their spend by hundreds of millions of dollars," Mr. Falco wrote. The layoffs were reported earlier by the Web site AllThingsD.com, which is owned by Dow Jones & Co., publisher of The Wall Street Journal. Time Warner reports its fourth-quarter earnings next Wednesday. ================================================= George Antunes Voice (713) 743-3923 Associate Professor Fax (713) 743-3927 Political Science Internet: antunes at uh dot edu University of Houston Houston, TX 77204-3011 *********************************** * POST TO [email protected] * *********************************** Medianews mailing list [email protected] http://lists.etskywarn.net/mailman/listinfo/medianews
