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AOL Time Warner Sees $99 Billion Loss; Ted Turner Leaves as Vice Chairman

Authored by Mark Hefflinger on January 30, 2003 - 4:30am.
Dulles, Va. -- Struggling media conglomerate AOL Time Warner reported on Wednesday that, for the full year, the company posted a net loss of $98.7 billion -- reportedly the largest annual loss in U.S. corporate history. The loss is attributed mainly to Internet service America Online, for which the company posted a $45.5 billion writedown in the fourth quarter alone. The news resulted in AOL Time Warner's stock plunging 13.9 percent on Thursday. The company also announced that, following a rash of management changes, CNN founder Ted Turner plans to step down as vice chairman of the company in May. "It will allow him to devote more time to his philanthropic and other interests," said AOL CEO Richard Parsons. Turner merged his Atlanta-based media and sports company with Time Warner, prior to the merger with AOL. http://biz.yahoo.com/bw/030129/292557_1.html
http://biz.yahoo.com/bw/030129/292513_1.html
tags: AOL | Time Warner | Ted Turner | Vice Chairman |



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