No fucking way, said Jason Calacanis, would Randy Falco's new regime at AOL let go half of the online media unit's management team. But it's happened. Of the four execs Valleywag said were out, three are indeed gone. CTO John McKinley disclosed his departure in a Valleywag comment. Paid Content now confirms that Jim Bankoff, the exec behind the acquisition of Weblogs, Inc., and AOL's popular entertainment site, TMZ.com, is also leaving; as is Joe Redling, who headed up AOL Mobile. The execs had been slated to report to Ron Grant, a veteran dropped in by parent company Time Warner as COO of the online media unit; there was no way they were going to see that as anything other than a demotion.

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