Posted on 11/04/2004 1:49:16 PM PST by truthandlife
Time Warner Inc., the world's largest media company, reported an 8 percent decline in third-quarter earnings Wednesday and set aside a $500 million reserve in anticipation of settling government investigations into its bookkeeping.
The company said it would restate earnings for 2000 and 2001 to correct its accounting for AOL Europe.
The moves put the company a step closer to resolving the investigations, which have caused anxiety among investors after dragging on for more than two years. The Securities and Exchange Commission and the Department of Justice are still investigating accounting practices at America Online, including its advertising arrangements and the way it reports subscriber numbers.
Dick Parsons, Time Warner's CEO, told investors and analysts on a conference call that while the investigations were ongoing, the company had "some visibility" into the costs that would likely be required to resolve the inquiries.
For the three months ending Sept. 30, Time Warner earned $499 million, or 11 cents per share, compared with $541 million, or 12 cents per share, in the same period a year ago. Revenues rose to $9.97 billion from $9.50 billion.
Time Warner's AOL division reported more losses in subscribers, a trend that has troubled investors as users abandon AOL's dial-up service for faster broadband connections to the Internet. As of Sept. 30, AOL had 22.7 million subscribers, a decline of 646,000 from the prior quarter and 2 million from the year-ago period.
Other divisions of Time Warner turned in solid results.
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Is the Ted Turner ship sinking....I for 1 hope so!!!!
Matt Drudge explained it all to you people several years ago. Too bad you lacked the wit and the honesty to pay attention.
> ... government investigations into its bookkeeping.
A Kerry win, combined (they hoped) with Dem congressional
control, was the only chance the legacy media had to
mandate a return to the good 'ol days where there was no
threat to their dominance from talk radio, the internet,
and Fox.
Expect Enron-class revelations from many of these dinosaurs.
SeeBS' parent corporation, Viacommie is also down 25% for the year.
Newspaper circulation figures have been inflated. Now the fraud investigations begin (as they were bilking advertisers).
So long, buggy whip media.
Things just keep looking up and up. What's next? Castro passing away?
Shed your liberals and watch your stock go up.
I'm an ex AOL'er...and proud of it..!!
Perhaps Disney will acquire Time-Warner, then get bought up by NBC/General Electric after their acquisition of CBS/Viacom. Then they General Electric will have to file Chapter 7 and unleash a plague of unemployed liberal mediateers on the world!
Is it rude to "snicker* *snicker* with glee?
AOL is laying off 700 I think.
Also, all you AOL users, they are screwing you to the wall. They are heavily advertising an ISP called ....can you believe it.....Netscape. It goes for $9.95 per month.
Did they lower the rates to their loyal AOL customers.....of course not.
Soyalent Green is people..... Netscape is AOL!!
CNN--is that thing still on?
Too bad, so sad....BWHAAAAA HAAAAAAAAAAAA
More proof that crime doesn't pay.
How sad....
F. Em. They can rot in Hell with Hitler, Goebbels, Stalin, and others who spun hate and lies into a power play.
Dick Morris and Dan Patrick were supposed to appear on a talkshow this afternoon. That appearance was cancelled to cover the Arafat story so Dick is appearing on Dan Patrick's radio program (local to Houston). Dick Morris has said that there should be a criminal investigation into the exit polls that were being manipulated by the Democrats.
Zogbyism. The word for the day. Maybe I'll call them and share it if they take calls.
You should be a CEO with advice like that.
Then again, Hollywood passed on The Passion Of The Christ as well.
Re#4 Yep. That wouldn't be the only investigation that concerned the lefty media. Meanwhile, the NY Times was subpoenaed by the US Attorney in the inflated circulation figure scandal. Here's a thread on that little tidbit: http://www.freerepublic.com/focus/f-news/1270635/posts
> That wouldn't be the only investigation that concerned the lefty media.
Meanwhile, at News Corp. (NYSE:NWS) ...
News Corp. Posts Profit on Strong Newspaper, TV, Cable Results
http://www.foxnews.com/story/0,2933,137531,00.html
LOL. You know the Clymers are fuming...
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