Time Warner's AOL unit to cut 700 jobs
Networking Brief

Time Warner's AOL unit to cut 700 jobs

America Online, the world's largest Internet service provider, plans to lay off more than 700 employees early next month, or 5 percent of its U.S. work force, to cut costs and meet financial goals, a source close to the company said on Tuesday.

AOL, a unit of media conglomerate Time Warner, has lost millions of subscribers to lower-cost rivals and higher-speed cable and telephone Internet services over the past few years.

Read the complete story. (Reuters)