by William White | August 19, 2013 1:17 pm
AOL (AOL) laid off 350 of its 1,000 Patch employees on Friday.
The 350 employees laid off on Friday account for 9% of AOL’s total workforce. Friday’s layoffs aren’t expected to be the last. AOL may layoff up to 500 of Patch’s employees before it’s all said and done. While AOL didn’t release Patch’s finances in its earning report, analyst Ken Doctor believes that the company has invested over $100 million into Patch, reports the Associated Press.
AOL has already closed 150 of the 900 sites operated by Patch and is looking for partners for another 150. AOL hasn’t announced where it will close sites or who it will partner with, but it has reportedly received interest from several other media companies, reports The Wall Street Journal.
“Patch’s strategy will be to focus resources against core sites and partner in sites that need additional resources,” AOL told the Associated Press.
AOL laid off members of its AIM, video production and Human Resource teams earlier this month.
Source URL: http://investorplace.com/2013/08/aols-patch-to-slash-up-to-500-jobs/
Short URL: http://invstplc.com/1fwMnQh
Copyright ©2015 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.