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Cuts at AOL Time Warner
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July 11, 2001: 5:45 p.m. ET
Media conglomerate cuts 30 while execs reportedly asked to prune staff
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NEW YORK (CNNfn) - Media conglomerate AOL Time Warner Inc. cut 30 positions in its interactive marketing group, a source told CNNfn.com Wednesday, while further layoffs may be on the way.
The 30 reductions affected employees in the business development group of AOL's interactive marketing division. The group has more than 800 people, while AOL Time Warner employs to 90,000.
AOL Time Warner executives have also been asked to explore further jobs cuts, press reports said Wednesday. The heads of different AOL Time Warner divisions, such as music, movies and magazines, are looking into further moves to control costs at the group, according to FT.com.
Another Internet report had AOL laying off as many as 12,000 people. Both reports were refuted by New York-based AOL Time Warner (AOL: down $1.68 to $48.50, Research, Estimates), which is the parent of CNNfn.com.
"We're always looking at efficiencies but we are not looking at massive layoffs," a spokesman said.
AOL Time Warner CEO Gerald Levin has said he does not see any significant cuts such as occurred in other companies.
AOL Time Warner may lay off a few people occasionally so as to run the company more efficiently, the spokesman said Wednesday.
Last week, AOL Time Warner closed its chain of Warner Bros. Studio stores, which led to job cuts of 3,800. In January, the media conglomerate laid off 2,400 people.
AOL Time Warner is set to report second-quarter results on July 18. 
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