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The company that was once America's largest Internet company could soon strike out on its own and as a result shed one-third of its workforce. Jesse Russell reports:

Time Warner could spin-off AOL as a separate company in the coming weeks and AOL told employees on Thursday if that happens roughly 2,300 job could be cut. Time-Warner has been making plans to break off the company since May of this year. The expected date for the split is December 8. Time Warner and AOL merged in January of 2001 when the Internet company was still known as America Online. At its peak the company had more than 30 million subscribers. By the end of 2008 that number had dropped to less than 8 million subscribers.