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Washington Post says AOL to cut more than 700 jobs

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Relying on anonymous sources, the paper reports that the Time Warner Internet unit will slice more than 700 jobs of its 13,000-person payroll in early December with most of the cuts coming from HQ in northern Virginia. The actual cuts haven’t been finalized but some employees have “already have been advised by supervisors to polish their resumes and begin looking for new jobs.” Reporter David Vise says the move stems from AOL‘s need to produce some $1 billion in cash for parent TW. Improvements in ad revenue and other cost-cutting aren’t enough to overcome sub drain. TW reports 3Q Wednesday

Bloomberg: Meanwhile, AOL’s ad sales may show an increase of 27 percent during the quarter to $226 million, according to an analyst. This will be the second quarter in a row that AOL ad sales have increased year over year, following more than three years of declines.