November 21, 2009
Workers at Advertising.com in Baltimore will be eligible to participate in a voluntary buyout program that its parent company, AOL LLC, is planning next month as part of a larger effort to cut one-third of its work force, or 2,500 positions. Advertising.com, which is AOL's online advertising network, employs about 400 people at the Tide Point office complex in South Baltimore. Time Warner Inc. is spinning off AOL, a one-time Internet giant, on Dec. 9, and the company will be accepting volunteers to leave between Dec. 4 and 11. AOL, which is based in New York City, has said that if it does not get enough volunteers, it will resort to involuntary layoffs.
May 29, 2009
Time Warner to spin off AOL, ending ill-fated deal WASHINGTON -: Media giant Time Warner announced Thursday what it had said it intended to do more than a year ago: Unload its struggling AOL advertising-and-dial-up unit, which will face life as a standalone, publicly traded company. The move officially ends the nine-year saga of Dulles, Va.-based AOL and New York's Time Warner, which began when AOL co-founder Steve Case engineered what was hailed at the time as the first of what would be several mega-marriages between old and new media.
April 30, 2009
WASHINGTON - Time Warner Inc. announced Wednesday in a filing with the Securities and Exchange Commission that it intends to spin off its ailing AOL division. "Although the Company's Board of Directors has not made any decision," the company wrote in its latest quarterly report to investors, "the Company currently anticipates that it would initiate a process to spin off one or more parts of the businesses of AOL to Time Warner's stockholders, in one or a series of transactions." Time Warner's net income dropped 14 percent over the same period a year ago, mainly because of dropping revenues at AOL but also because of a suffering publishing business.
February 5, 2009
Service sector shrinks for 4th straight month WASHINGTON: The nation's service sector shrank for the fourth straight month in January, a trade group said yesterday, but at a slower pace than in the previous month. The Institute for Supply Management, a trade association of purchasing executives, said its service sector index rose to 42.9 last month, from December's downwardly revised reading of 40.1. The January reading was above analysts' expectations of 39, according to a survey by Thomson Reuters.
January 22, 2009
NEW YORK - Citigroup Inc. said yesterday that board member Richard Parsons - the former CEO of Time Warner - will soon be taking over as chairman. The appointment is effective Feb. 23, Citigroup said in a statement. Parsons succeeds Win Bischoff, who became chairman in December 2007. Bischoff is not putting himself up for re-election at the board's annual meeting this spring and will retire later this year, Citigroup says. The embattled bank has suffered five consecutive quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis.
January 8, 2009
NEW YORK - The stock market's seven-week rally skidded to a halt yesterday. Stocks endured their worst drubbing in a month, and crude oil plummeted the most in more than seven years, as a batch of gruesome unemployment and corporate-profit reports reminded investors about the dire state of the U.S. economy. The Dow Jones industrial average fell 245.40 points, or 2.7 percent, to 8,769.70. The Standard & Poor's 500 index dropped 28.05 points, or 3 percent, to 906.65. The Nasdaq composite index gave up 53.32 points, or 3.2 percent, to 1,599.