(RTTNews) - In a filing with the U.S. Securities and Exchange Commission, AOL Inc. disclosed details of its proposed restructuring activities as part of its continuing cost reduction initiatives aimed at aligning its organizational structure and costs with its strategy.
AOL specified that this restructuring is conditioned upon the successful completion of its spin-off from Time Warner Inc. (TWX:
News ), as well as the approval of new Board of Directors.
AOL said it expects this restructuring, which will result in reduction of about a third of current employee base, which will be conducted on a voluntary and involuntary basis.
AOL said it expects this initiative to reduce ongoing annual operating costs by approximately $300 million, and expects to incur restructuring charges of up to $200 million.
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by RTT Staff Writer
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