AOL Time Warner is likely to lay off around 1,000 employees from its online division this week.
Citing sources familiar with the situation, CNet reports the cuts would affect about 1,000 employees, clarifying prior ballpark estimates of "several hundred."
The expected layoffs would mark the second round of cuts in the Internet unit since America Online and Time Warner merged in January. Shortly after the deal closed, the combined company slashed about 2,400 jobs. Divisions affected by the cuts included America Online, CNN, Time Inc., Warner Bros. Online, Warner Music Group and New Line Cinema.
AOL Time Warner executives have been publicly cost conscious, setting aggressive year-end financial goals of $40 billion in revenue and $11 billion in earnings before interest, taxation, depreciation and amortization (EBITDA).