NEW YORK (CNN/Money) -
The America Online unit of AOL Time Warner is planning to cut hundreds of jobs at its Northern Virginia headquarters in an effort to save $100 million in operating expenses, according to a published report Friday.
AOL's Vice Chairman Joseph Ripp has told managers that no department of the world's largest Internet service provider will be immune from potential cuts as the unit tries to rein in expenses amid a projected plunge of 50 percent in advertising revenue next year, according to the Washington Post.
Decisions on where the cuts will be made will happen in the next few months and may also include jobs in New York, California and Ohio, the paper reported.
America Online's Chairman and CEO Jonathan Miller told analysts this week that 2003 will be a transition year for the unit with double-digit revenue growth returning in 2004.
Shares of AOL Time Warner (AOL: Research, Estimates), the parent company of CNN/Money, gained 16 cents Thursday to close at $14.