Around 2,400 employees will be pink-slipped as a result of the AOL's recently approved $106 billion merger with Time Warner, the company said Tuesday.
That's around 3 percent of the media giant's 83,000 work force. The cutbacks will save about $150 million just in salaries. The ultimate goal is to save at least a $1 billion.
"In no area are we cutting into the muscle of the company," company spokesman Ed Adler tells the Los Angeles Times. "We need that muscle to grow and compete. These changes will sharpen our focus, capture synergies for growth and strengthen the integration of our company."
Fears about a weakening advertising market and possible Hollywood writers' and actors strikes this summer accelerated job layoffs at AOL, Time Inc., Warner Music Group and New Line Cinema. Hundreds of workers--from secretaries to corporate vice presidents--will be shuffled out the door, joining the 400 at CNN who were made redundant last week.
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