AOL to cut 5000 jobs worldwide

Time Warner’s internet division AOL has said that they are planning to cut as many as 5000 jobs in their worldwide operations.

This means that the company would be letting go around a forth of their worker base which consists of around 19000 professionals at the moment.

These job cuts would take place in the next six months as the company plan to cut costs. AOL said in a statement on this decision: “At a company meeting this morning, Jon Miller [AOL CEO] told AOL’s worldwide workforce of 19,000 people that within six months, it was likely that around 5,000 employees would no longer be with the company.”

The company just recently disclosed their decision to make available more services of their for free. AOL is trying hard to increase their revenues from advertisement supported services. They are also in the process of selling off its European internet access business.