AOL announces record losses
By Alun Williams
Posted on 30 Jan 2003 at 10:34
AOL Time Warner has had to face up to recording the biggest annual corporate loss in US financial history. The company announced it was in the red to the tune of $98.7bn.
Its final fourth quarter alone accounted for $45bn of the deficit with the company taking a $33.5 billion hit on the value of the `goodwill` of the online division.
The general picture follows that of its most recent quarterly results - Old media strong, new media weak for AOL. Whereas blockbuster films such as Lord of the Rings have boosted revenues, the company has had to write off losses for its AOL-based Internet business.
Ted Turner, the vice chairman, has also announced that he will be leaving the company in May.
Turner founded the CNN news channel, which was subsequently merged with the Time Warner empire. He is reported to be the group's largest individual shareholder
The originator of the AOL and Time Warner merger two years ago, Steve Case, quit as Chairman earlier this month.
You can find the full financial details of the AOL losses on the company's Web site.
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