AOL Time Warner may cut 2,000 jobs

The new giant Internet media group AOL Time Warner plans to shed more than 2,000 jobs, the Wall Street Journal newspaper reported…

The new giant Internet media group AOL Time Warner plans to shed more than 2,000 jobs, the Wall Street Journal newspaper reported in its electronic edition today.

The decision was expected only one week after a subsidiary of the group, CNN News Group, had announced the shedding of about 400 jobs.

Overall the new group would cut 2,400 jobs or about three per cent of the workforce, the report said.

The cuts are affecting the company's music business, its online division AOL and its movie studio New Line Cinema.

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They are part of an overall belt-tightening drive to make good on a promise to investors that the merger would deliver a major boost to earnings.

A spokeswoman for AOL Time Warner, did not deny that job reductions were taking place, but declined to provide specifics.

AOL Time Warner has made a number of other executive changes in the 10 days since the merger closed, including a new management line-up at AOL.

AOL Time Warner has more than 80,000 employees.