AOL sheds more jobs

 

AOL Inc. is laying off 20 per cent of its
workforce, eliminating 950 jobs in the U.S. and India as it struggles to
resurrect its business.

About
200 employees who work for the Internet company’s U.S.-based media and
technology groups will lose their jobs.

AOL
also is cutting about 750 jobs from its Indian operations, which largely
consist of back-office support staff.

About
300 employees who worked for AOL in India have been offered jobs with the
company’s third-party contractors in the region.

The
company is shedding staff after acquiring online news and commentary site the
Huffington Post for $315 million, seeking greater scale in digital news and
entertainment content.

None
of the 250 employees who joined AOL from the Huffington Post will lose their
jobs.

AOL
executives signalled possible staff cuts weeks ago, saying efforts to reduce
overlap between the two companies would yield about $20 million in cost
savings.

The
layoffs are the second major round of cuts since Tim
Armstrong took over as
chief executive of AOL in April 2009.

Last
year, the company cut about a third of its total workforce, or about 2,300
employees.

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