AOL Time Warner releases annual report
AOL Time Warner Inc. reports restructuring costs of nearly $1 billion, including $565 million in workforce reductions and termination benefits. Part of the costs also included $400 million in lease and contract-termination costs, it said in an SEC filing.
The company held its first shareholder meeting at 10 a.m. ET today.
The company plans to consolidate select operations and close others, including ending leases on its Warner Bros. stores.
It also announced when the merger was complete that it would lay off 2,400 workers, most from the Dulles, Va., AOL division.