AOL to lay off one third of its employees

That would amount to nearly 2,300 of the roughly 6,900 total employees.

In a securities filing Thursday, AOL said it will impose the cuts on a voluntary and involuntary basis, hoping to trim annual costs by about $300 million.

The job cuts still need approval from the new AOL board. Time Warner, the New York media conglomerate, said this week that it will spin AOL off to investors Dec. 9.

AOL, which is based in New York but also has major operations in Northern Virginia, said it will take about $200 million in charges for severance and other costs related to the restructuring.

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