A third of the workforce at AOL will lose their jobs before the company spins off from Time Warner.
The process will work like this, according to a memo written by CEO Tim Armstrong, and reported in the Wall Street Journal: It wants volunteers for layoffs up until 11 December and if it doesn't get enough will axe the ones it thinks it should go.
AOL has flagged quite a bit over the last few years. In the days before the dot com bubble burst, its share price was so great that it was able to buy Time Warner - an unlikely marriage of unequals.
Armstrong said he will forego his 2009 bonus, which the WSJ estimates was between $1.5 million and $4 million.
The WSJ story is here (subscription needed).