AOL IS THE latest firm to announce it's sending hundreds of employees to the Job Centre, cutting 10 per cent of its workforce, amounting to some 700 jobs.
In a leaked memo AOL's CEO, Randy Falco, said the Internet portal would also be scrapping merit pay increases.
The memo noted that most of the redundancies would take place in the US by the end of March, with international redundancies to occur over the next few quarters.
Falco blamed the recession and a flailing online ad market for forcing his hand into drafting up the hundreds of pink slips.
AOL's big daddy, Time Warner, had been talking to both Yahoo and Microsoft over the past few months, attempting to strike a deal which would combine AOL's advertising business with either or both. Now, however, some believe Yahoo might just buy the firm, as it's looking especially attractive with its new slimline figure.
Yahoo may not even have to dig too deep to come up with the cash, it seems. AOL, which was once thought to be valued at around $20 billion is now being revalued downwards to about $5.5 billion. µ
L'Inq
Reuters
I don't remember, just what does AOL do now? That is, since they no longer blanket the earth with CDs?
AOL, please die already. It is long past time to remove the feeding tubes and power down the life support. May you rest in pieces. Sincerely, teh Innernets