Thursday, January 30, 2003
AOL Time Warner reported a loss of nearly $99 billion for 2002. More than a third of the loss is attributable to a drop of $33.5 billion in the value of America Online since the online company acquired Time Warner in January 2001.
Ted Turner, the company's largest individual shareholder and one of the most vocal internal critics of the AOL-Time Warner deal, also announced Wednesday that he will step down as its vice chairman.
Two years after the $106 billion merger of AOL and Time Warner, which could be considered the crowning moment of the Internet boom, the company has been forced to justify the rationale for the deal and overcome questions about its accounting.
By: DocMemory
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