AOL to Cut 500 Staffers

A rough week for media companies.

AOL is about to let five percent of workforce go. According to Recode, that works out to roughly 500 staffers getting pink slips.

As we saw yesterday with Univision’s announcement that it was cutting 200 employees, the AOL reduction is a result of a company-wide restructuring. AOL CEO Tim Armstrong said most of the cuts will come from its corporate units, as the company focuses more on mobile, video and data.

“We have a mission and responsibility to continue to move AOL into the future – something we have done a good job of in the past,” wrote Armstrong, in a memo. “The best way for us to grow is to move in front of change rather than be moved by change.”