AOL to cut one-third of its staff

 
The struggling Web pioneer, which is slated to become an independent company focused primarily on advertiser-supported content, said on Thursday it has asked for volunteers, but will perform involuntary layoffs if enough workers do not step up. AOL expects to take restructuring charges of up to $200 million, substantially all of which would be incurred from the date of the spin-off through the first half of 2010.

Time Warner Inc the spin off will take place on December 9, nine years after the merger.