Media Roundup: AOL Cuts 700 Employees, House Axes Digital Switch Delay and More

(MoneyWatch)  AOL cuts 700 employees -- In the midst of declining advertising revenues, AOL has cut 10 percent of its workforce. The company also announced that it will freeze all merit pay raises. In addition to the cutbacks AOL has been reorganizing its media properties under its MediaGlow brand and last week the company received a write down from investor Google. [Source: TechCrunch]

House axes digital switch delay -- Despite receiving support from the President and the Senate, a bill that would move the digital switchover to June has failed in the House of Representatives. While some groups are worried that many consumers are unprepared for the switch, the opposition claims that a delay would just create more confusion. The vote fell mostly along party lines. [Source: Reuters]

Reader's Digest cuts eight percent -- The Reader's Digest Association, publisher of Reader's Digest and Every Day with Racheal Ray, is cutting 280 people from its workforce of 3,500. The company is also suspending 401(k) contributions and ordering five days of unpaid time off. The company does not plan on closing any magazines. [Source: MediaWeek]

Time Inc., other magazines fighting with leading distributors -- Two of the largest newsstand distributors, Source Interlink Distribution and Anderson News Co., has requested a fee hike of seven cents per magazine delivered. Many publishers have refused to pay the extra fee and Time Inc. has threatened to take its business elsewhere. If the distributors and publishers do not reach an agreement, newsstands could see the effect as soon as February 1st. [Source: All Things Digital]

Conde Nast closes Domino -- Magazine publisher Conde Nast announced Wednesday that will be closing down Domino, the company's shopping and design magazine. While some of the staff will find jobs elsewhere in the company, the majority of the 80 staff members will be let go. In December, Domino's ad buys were down 26 percent from the previous year. [Source: New York Times]

Denver Post to take sole control of Denver News Agency -- If the Rocky Mountain News finds a buyer it will be without printing presses, an advertising staff and a circulation staff according to the Denver Post. Previously the two papers were operating under a joint operating agreement through the Denver News Agency. In recent weeks the papers have released conflicting reports about their futures. [Source: Rocky Mountain News]

Revision 3 sees growth in traffic, revenue -- Internet television company Revision 3 has seen traffic up 140% over last year. Receiving over 46 million views, the tech-focused network announced it is seeing revenue in the high seven figures. Exact figures are unavailable, as Revision 3 is a private company. [Source: Silicon Alley Insider]