Tuesday, March 22, 2005

Boston.com / Business / Time Warner settles AOL case

Boston.com / Business / Time Warner settles AOL case: "Closing a difficult chapter, Time Warner Inc. said yesterday it would pay $300 million and restate three years of financial results to settle civil fraud charges stemming from its accounting of online advertising revenues and subscriber counts at its AOL unit.
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The combined $510 million settlements should give Time Warner a freer hand to pursue acquisitions, including a joint bid with Comcast Corp. for the assets of Adelphia Communications Corp. But the agreements aren't expected to resurrect Time Warner's stock, which has lagged since its disastrous merger with AOL. Time Warner's stock is still about 75 percent below the level it reached in early 2000, when it agreed to be acquired by the Dulles, Va.-based Internet company."
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