Cuts continue, magazines close at AOL Time Warner

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The ax continues to fall at AOL Time Warner, with the company announcing job cuts involving 2,000 positions on top of the 400 cuts at CNN last week. In addition, the company's Times Mirror magazine unit announced Wednesday the shuttering of three magazines--Today's Homeowner, Outdoor Explorer, and Senior Golfer--which, according to Times Mirror president and CEO Jason Klein, will affect about 40 additional staffers, though some may stay on at other company magazines. Before the job-cutting moves, AOL Time Warner employed about 85,000. The biggest chunk of job losses are at AOL, which is losing 725 people out of its pre-merger 15,000. Warner Music Group will lose 600 jobs out of 13,000. Time Inc. will lose 400 positions out of about 13,000. Warner Bros. Film division will eliminate around 100 jobs out of 11,000. An additional 100 jobs will be lost at AOL Time Warner corporate, and the biggest hit, based on percentage, was suffered by New Line Cinema, which will lose around 100 jobs out of 600. In later afternoon trading, AOL Time Warner's stock stood at $56.30, up $2.15.

Copyright January 2001, Crain Communications Inc.

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