Is AOL’s News Service Weakening?
On Friday, AOL (NYSE:AOL) announced that it was going to be cutting a number of jobs at Patch, the news service the company owns. AOL is going to cut 500 jobs, which is almost half of Patch’s division, a source told Bloomberg.
The report from Bloomberg stated that 350 of those who were being let go would lose their jobs this weekend while the other 150 would have 60 more days at the company as the company is looking for partners for some of the 900 or so Patch sites.
The company said it might be looking for partners for some of its Patch sites, although Reuters reports that AOL did not mention who these partners are. It also did not specify which sites it will be shutting down. About 400 of these sites may be shut down or take on partners to provide more resources say sources.