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AOL llc, the online marketer, wants to get rid of between 2,300 and 2,500 employees in anticipation of its spinoff from Time Warner in December, according to wire service reports.
In an 8-K filing with the Securities and Exchange Commission Thursday, the New York-based company said it will engage in “restructuring activities that will include the reduction of approximately a third of the company’s current employee base, which will be conducted on a voluntary and involuntary basis.”
This restructuring is expected to reduce ongoing annual operating costs by about $300 million, but will cost the company $200 million in restructuring charges, according to the filing.
Earlier this week, Time Warner said this spinoff would take place Dec.9.
