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AOL Time Warner slashes jobs

The newly created AOL Time Warner is wasting no time in implementing cutbacks, with plans to eliminate more than 2,000 jobs.

The cuts,representing more than two percent of the company's workers, will come from America Online's Web operation, the New Line Cinema movie unit, the Time Inc. magazine unit, Warner Music Group ande the company's headquarters. An AOL Time Warner spokesman confirmed reports of the planned layoffs, which were announced internally on Tuesday.

The move comes on the heels of word last week that 400 jobs would be eliminated at the media giant's cable news network, CNN.

Apart from the layoffs, AOL Time Warner also plans to shut or sell 130 Warner Brothers retail stores which employ approximately 3,800 workers. - Richard Tedesco