General News

Downsizing will cost AOL Time Warner nearly $1 billion

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May 18, 2001 | 12:55pm EDT

Appearing tacitly to invoke the maxim that it is sometimes necessary to spend money in order to save it, AOL Time Warner said Thursday that it will probably have to spend $965 million for the planned reorganization of its businesses, with more than half that sum attributable to severance payments and other costs related to cutting jobs and the rest attributable to canceling leases and other contracts.

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