AOL set to lay off third of workforce

AOL is planning to cut about a third of its workers if its planned spin off from Time Warner goes ahead.

That would amount to nearly 2,300 out of roughly 6,900 workers worldwide.

The company said it will impose the cuts on a voluntary and involuntary basis.

It hopes to slash annual costs by about $300m.

The job cuts still need to be approved by the new AOL board.