AOL Packs for Move to NY

The company employs 4,000 people in northern Virginia
By Sam Gale Rosen,  Newser Staff
Posted Sep 17, 2007 3:11 PM CDT
AOL headquarters are seen in Dulles, Va. in this July 18, 2002 file photo. AOL, a division of Time Warner Inc., announced the introduction of a new advertising network on Monday Sept. 17, 2007, and also...   (Associated Press)
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(Newser) – AOL headquarters will move from Dulles, Va., to New York, improving access to the ad industry that's crucial to its evolving business strategy. Execs say AOL's 4,000 employees in the DC suburb won't lose their jobs, but locals are worried. "This is a loss and there is no way to sugarcoat it," one business leader told the Washington Post.

The new office is near Union Square, Bloomberg reports, not at Time Warner HQ near Rockefeller Center. "New York City is the center of advertising, so it makes perfect sense to locate our corporate headquarters here," said the chairman and CEO. AOL's recent reorganization has already led to the loss of 5,000 jobs worldwide.