AOL's America Online cuts to include Virginia jobs

AOL Time Warner Inc's internet unit America Online is planning to slash at least $100m (€100m) in operating expenses, including hundreds of jobs at its Northern Virginia headquarters, because of a sharp drop in advertising revenue and changes in business strategy, the Washington Post reported citing sources.

The cost-cutting is aimed at bringing costs in line with a projected plunge of 50% in advertising revenue next year, it said.