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Wednesday, Aug. 22, 2001 | 10:59 a.m.
NEW YORK -- Confirming rumors that had swirled for weeks, AOL Time Warner Inc. announced Tuesday that it will hand pink slips to 1,200 employees at its Dulles, Va.-based America Online Inc. unit.
The announcement was proof that even an Internet giant with more than 30 million subscribers can't escape the effects of a weak economy.
As part of its reorganization, America Online also will lay off another 500 people at its Sun-Netscape Alliance, a Santa Clara, Calif.-based subsidiary that provides computer and software products under the banner iPlanet.
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