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Valleywag says there's blood in the corner offices at Time Warner (NYSE:TWX) owned AOL.

Earlier, the company said it had pink slipped about 500 people ... but didn't name names.

Ex-AOL'er Jason Calacanis says he's talked to people at AOL and "they say this is not true."

Calacanis is shocked, shocked, shocked that Time Warner could give top execs, who "get it", their walking papers.

What could precipitate such a move? These guys blueprinted the company's recent strategy change which, according to ex-AOL chief Jon Miller, was going quite well. Ad revenues up 40%, I believe the company said in its last quarter.

This makes no sense. I join Jason in his skepticism about the VW item.

Staci Kramer at PaidContnet.org confirms:

"The four are still working there—for now. That doesn’t mean the current exec team will remain intact. Some could leave for new gigs, which shouldn’t be hard to do, or Falco ... could decide they need to make changes."

Disclaimer: I own shares of Time Warner.

Source: AOL May Give Top Executives the Boot