Time Warner will swing the ax at its AOL unit, eliminating some 5,000 jobs--26 percent of its worldwide workforce,
Bloomberg reports. The move is being made to help revive profits and sales
after four years of subscriber losses. AOL chief Jonathan Miller told employees in a Webcast that the cuts will take effect within six months. AOL has chopped about 7,000 jobs since late last year in
an effort to save money. Earlier this week, Time Warner said it will offer AOL's e-mail and security software to high-speed Internet users for free early next month. Time Warner President Jeff Bewkes
says profits will begin to grow again in 2007.
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