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AOLAOL to Cut One-Third of Staff; Voluntary Layoffs to Begin Dec. 4Authored by Mark Hefflinger on November 19, 2009 - 8:51am.
 New York
- Needing to drastically trim costs as it prepares to separate from parent
company Time Warner (NYSE: TWX), AOL said on Thursday that it plans to trim its workforce
by about one-third -- approximately 2,300 workers -- through a combination of
voluntary and involuntary layoffs. The company said that the goal of the
restructuring is to reduce its annual operating costs by $300 million.
Time Warner to Spin Off AOL Dec. 9 With $3.5 B ValuationAuthored by Mark Hefflinger on November 17, 2009 - 11:39am.
Dulles, Va. - Media giant Time Warner (NYSE: TWX) announced on
Monday that it plans to spinoff its AOL unit on Dec. 9. Shareholders of Time
Warner will be given one share of AOL stock for every 11 shares of Time Warner
they own. Time Warner said in a statement that the spinoff "will result in
the complete legal and structural separation of the two companies." After
the transaction, AOL will have a market value of about $3.5 billion, based on
current share prices.
Details Emerge About AOL's Massive Workforce ReductionsAuthored by Mark Hefflinger on November 20, 2009 - 9:50am.
New York
- A day after AOL announced plans to cut one-third of its workforce -- up to
2,500 employees -- details are beginning to emerge about specifics of the plan.
American Express to Buy AOL Co-founder's Revolution MoneyAuthored by Mark Hefflinger on November 18, 2009 - 11:00am.
St. Petersburg,
Fla. - Credit card giant American
Express said on Wednesday that it will pay approximately $300 million to
acquire Revolution Money, the Florida-based online payments company launched in
2007 by AOL co-founder Steve Case.
AOL Reportedly Cuts 100 Jobs as Prelude to Mass LayoffsAuthored by Mark Hefflinger on November 10, 2009 - 9:30am.
New York
- AOL was expected to cut about 100 jobs on Tuesday, in what several industry
blogs are calling just a prelude to mass layoffs expected to occur once the
company completes its spin out from parent Time Warner (NYSE: TWX) next month. The moves
reportedly are part of CEO Tim Armstrong's "Project Everest"
initiative, which aims to trim costs throughout the company.
AOL Names Susan Lyne to New Board of DirectorsAuthored by Mark Hefflinger on November 6, 2009 - 10:36am.
New York
- Nearly two weeks after unveiling its new board of directors, AOL on Friday
announced one new member. The company, which expects to complete its spin out
from parent Time Warner (NYSE: TWX) by the end of this year, named Susan Lyne, the CEO of
online luxury retailer Gilt Groupe, as the board's tenth member. Lyne also has
served as the president and CEO of Martha Stewart Living Omnimedia, and
previously served in various positions at Walt Disney Company, rising to
president of ABC Entertainment. Chaired by CEO Tim Armstrong, the board also
will include Michael Powell, Fredric Reynolds, James Wiatt, Richard Dalzell,
Karen Dykstra, William Hambrecht, Patricia Mitchell and James Stengel.
AOL Sees Revenue, Operating Income Plummet in Third QuarterAuthored by Mark Hefflinger on November 4, 2009 - 8:45am.
New York
- With its spinout from parent Time Warner (NYSE: TWX) likely less than two months away,
AOL continues to struggle financially, according to figures released on
Wednesday.
Report: AOL Aims for Mid-December Spin-Out from Time WarnerAuthored by Mark Hefflinger on October 30, 2009 - 7:06am.
Dulles, Va. - Following months of preparations, AOL
plans to complete its spin-off from parent Time Warner (NYSE: TWX) in mid-December, Silicon
Alley Insider reported. The blog cited three separate sources, including an AOL
insider involved in the planning, while qualifying that an exact date hasn't
yet been announced internally.
Preparing for Spin-Off, AOL Names New Board of DirectorsAuthored by Mark Hefflinger on October 26, 2009 - 10:17am.
New York
- Taking another step toward its separation from parent Time Warner (NYSE: TWX), AOL on
Monday named nine members to serve on its board of directors.
AOL Hires Former Google Exec to Build Ad PlatformAuthored by Mark Hefflinger on October 2, 2009 - 7:25am.
New York
- AOL said that it has hired former Google (NASD: GOOG) executive Shashi Seth
as its senior vice president of global advertising products, charged with
building the company's ad platform as it prepared to split with parent Time
Warner (NYSE: TWX).
Ex AOLer Greg Coleman Named President of Huffington PostAuthored by Mark Hefflinger on September 16, 2009 - 12:18pm.
New York - Greg Coleman, who for two months earlier this
year served as the president of AOL's Platform-A ad business, will become the
new president and chief revenue officer of popular left-leaning political news
site The Huffington Post, AllThingsD reported. Coleman also is the former
executive vice president of global sales at Yahoo, as well as the CEO of search
and ad targeting start-up NetSeer. Huffington CEO Eric Hippeau has been a
member of Yahoo's board for several years. The status of James Smith,
Huffington's current chief revenue officer, remains unclear.
Two Executives Let Go By AOL, Including Newly Named COOAuthored by Mark Hefflinger on September 16, 2009 - 9:27am.
New York
- Just two months after being named the company's new COO, Kim Partoll
reportedly has been let go by AOL, according to multiple media sources.
AOL Taps Former Yahoo Exec to Lead Email and IM GroupAuthored by Mark Hefflinger on September 9, 2009 - 9:07am.
New York
- Looking to expand the reach of its email and instant messaging services, Time Warner's (NYSE: TWX) AOL
has hired former Yahoo (NASD: YHOO) executive Brad Garlinghouse as its president of Internet
and mobile communications.
As Spin-Off Nears, AOL Names Arthur Minson as New CFOAuthored by Mark Hefflinger on August 27, 2009 - 7:22am.
Dulles, Va. - Just weeks ahead of its planned
spinout from parent Time Warner (NYSE: TWX), AOL on Thursday named former Time Warner Cable
executive Arthur Minson as its new executive vice president and CFO.
Rumors Swirl About Potential Mass Firings at AOLAuthored by Mark Hefflinger on August 12, 2009 - 10:09am.
Dulles, Va. - Citing "chatter in Dulles,"
Silicon Alley Insider reported on Wednesday that AOL could lay off upwards of
2,000 employees next week as part of its ongoing restructuring. A source close
to the company, however, told the blog that the speculation may be premature,
though "the source does expect significant layoffs at some point."
Online Ad Spending Down 5% in Q2; Growth Seen Mid-2010Authored by Mark Hefflinger on August 5, 2009 - 9:45am.
Framingham,
Mass. - Global online advertising
spending fell 5% during the second quarter, to $13.9 billion, while the U.S.
market declined by 7% to $6.2 billion, according to a report from market
research firm IDC.
AOL on Track to Spin Out This Year; Revenue Continues TumbleAuthored by Mark Hefflinger on July 30, 2009 - 10:37am.
Dulles, Va. - Time Warner (NYSE: TWX) CEO Jeff Bewkes reiterated
on Wednesday that the media giant is on track to spin off its AOL unit around
the end of this year.
AOL Names Stephane Panier to Head Bebo's Global OperationsAuthored by Mark Hefflinger on July 29, 2009 - 7:53am.
New York
- Preparing for life as an independent company, Time Warner's (NYSE: TWX) AOL on Wednesday named Stephane
Panier as the head of global operations for its Bebo social network, charged
with expanding the service's global reach and growing its current user base of
24 million.
Time Warner Buys Back Google's AOL Stake for $283 MillionAuthored by Mark Hefflinger on July 28, 2009 - 7:39am.
New York - Five years after selling Google (NASD: GOOG) a 5% stake of AOL
for $1 billion, media giant Time Warner (NYSE: TWX) said that it repurchased the stake
earlier this month for a mere $283 million. The revelation, disclosed in a
filing with the Securities and Exchange Commission (SEC), comes as Time Warner
prepares to spin off AOL into a standalone company.
AOL Web Cartoon Series to Feature Warren Buffett, Carl SaganAuthored by Mark Hefflinger on July 24, 2009 - 8:16am.
Los Angeles - Time Warner's (NYSE: TWX) AOL announced on Friday that it
plans to launch a new slate of animated webisode series for kids, featuring
personalities including financier Warren Buffett, model and environmental
activist Gisele Bundchen, Martha Stewart, and the late scientist Carl Sagan. The
company partnered with children's media firm A Squared Entertainment on the
series, and with MGX Lab to create interactive worlds with games for each
property.
tags: Games | Video | AOL | Animation | Martha Stewart | Time Warner | Warren Buffett | A Squared Entertainment | MGX Lab |
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