AOL announces 2500 job cuts

In the States, AOL has announced it will be cutting its workforce by around a third after it gets spun off from Time Warner next month.

The job cuts - nicely timed for the "holidays" - will see both involuntary and voluntary redundancies for around 2500 members of staff.

The move is part of a cost-cutting programme as AOL prepares for its IPO and its return to the public markets with the goal to cut annual operating costs by around $300 million.

As part of the measures AOL's CEO Tim Armstrong will not get his 2009 bonus which was to be around the $4 million mark.