AOL to Lay Off 20% of Employees as Huffington Post Acquisition Finalizes
Having just completed its $315 million acquisition of the Huffington Post, AOL (NYSE:AOL) is laying off 20% of its workforce in the U.S. and India, according to a report in The Wall Street Journal.
About 950 jobs be cut as a measure to increase competitiveness, the Journal reported, citing a person familiar with the matter. From that, 200 people in AOL's media and technology groups in the U.S. will be let go.
In India, 750 people, mostly working as back-office support, will lose their jobs, the report said, but 300 have been offered spots at AOL's third-party contractors in the area.
However, of the 250 employees that came to AOL from the Huffington Post, none will be let go, the Journal said
AOL CEO Tim Armstrong reportedly emailed his staff on Thursday, explaining the cuts are needed for AOL to be competitive.