The Week: Media News - AOL axes 700 jobs globally

AOL has announced that it is to cut 700 jobs globally, amounting to around 10 per cent of its workforce.

The Time Warner outfit will finalise US job cuts by the end of March, having not yet made a final decision on how the cuts will affect European operations. Meanwhile, the AOL-owned social networking site Bebo has dismissed rumours that its parent company is planning to sell the service. AOL acquired the site in March last year for £417 million, but reports have claimed that it may be willing to sell the site for as little as £140 million.