Verizon's AOL cutting 500 jobs, will focus on mobile, video

NEW YORK, N.Y. – AOL is cutting about 500 jobs, or 8 per cent of its workforce, as it trims back following some deals and focuses on mobile, video and data.

In a memo to employees, AOL CEO Tim Armstrong says the Verizon-owned company has added 1,500 employees over the past year because of acquisitions and partnerships, and it needs to consolidate to improve operations.

Armstrong says AOL will add jobs in the areas that are driving growth.

Verizon bought AOL for $4.4 billion in 2015 as part of its effort to build a digital ad business. AOL owns Huffington Post and the tech site TechCrunch. Verizon has also proposed buying Yahoo for $4.8 billion.