Breaking: Ted Turner Stepping Down From AOL Time Warner (CNBC)

CNBC | January 29, 2003

[Timesink]

Developing...

[TheBigB]

Betcha he's wondering if he can get the Demorat nomination in 2004...

[Maedhros]

I did not see this coming.

[B Knotts]

Wow...he didn't last long after Steve Case's exit.

[ZGuy]

Ted Turner to Step Down as Vice Chairman of AOL Time Warner in May
Wednesday January 29, 4:54 pm ET

NEW YORK--(BUSINESS WIRE)--Jan. 29, 2003--AOL Time Warner Inc. (NYSE: AOL - News) today announced that Ted Turner has decided to step down as Vice Chairman of AOL Time Warner, effective at the Annual Shareholders Meeting in May. In notifying Chief Executive Officer Dick Parsons yesterday, Mr. Turner said: "After much reflection, I have decided to resign from my executive duties as Vice Chairman of AOL Time Warner. I have not come to this decision lightly. As you know, this company has been a significant part of my life for over fifty years. I have the deepest respect for you, the senior management and my fellow members of the board. With this team in place, I am optimistic that the company will be able to move forward and reach its true potential.

"As you know, I have devoted much of my life to philanthropic interests and, more recently, to several socially responsible business efforts. Over the last five years, it has become even clearer to me how much personal satisfaction I derive from these activities. Therefore, I would like to now devote even more time, effort and resources to them."

Mr. Parsons said: "I speak for everybody in our Company when I say how profoundly grateful we are to Ted Turner for his vision and genius, and how proud we will always be of his courageous and pioneering spirit. Ted's leadership role in the formation of global media in general and AOL Time Warner in particular is uniquely significant. His values of journalistic independence and public service are a permanent part of who we are and what we do. I will continue to rely on Ted's wisdom and advice and know that it will serve our Company well in the years to come."

[DoughtyOne]

I don't know about everyone else, but I'm losing lots of sleep worrying whether he's going to be able to keep his $1 billion commitment to the UN. < Barf >

[Dog Gone]

I will continue to rely on Ted's wisdom and advice and know that it will serve our Company well in the years to come."

Oh, then it's still not time to quit shorting AOL stock.

[steveegg]

Good bye, Teddy boy.

[AlGone2001]

The CEO of Sprint, Bill Esrey, along with his number 2 man are resigning as well.

[TaRaRaBoomDeAyGoreLostToday!]

He is stepping down from AOL as the devil says it is time for him to go to hell.

[Reagan Man]

Who cares!

Ted Turner is crazy and a social degenerate to boot.

[dei23]

Could it be becasue AOL lost nearly $100 Billion???
AOL lost more than the GDP of 70% of the Countries in the world...

[kcvl]

AOL Time Warner posts net loss

World’s largest media company takes $45.5 billion charge

NEW YORK, Jan. 29 — AOL Time Warner Inc., the world’s largest media company, Wednesday posted a fourth-quarter net loss after taking a $45.5 billion noncash charge for the decline in the value of its embattled America Online business and other assets.


http://www.msnbc.com/news/866051.asp?0si=-

[theoldmarine]

Can I say AMEN! The devil is selling short on poor Ted's apostate soul.

[Timesink]

Oh, then it's still not time to quit shorting AOL stock.

No, apparently not:

AOL TW Posts Loss of Nearly $100 Billion

Wed January 29, 2003 04:56 PM ET

NEW YORK (Reuters) - AOL Time Warner Inc., the world's largest media company, on Wednesday posted a loss for all of 2002 of nearly $100 billion, the largest annual loss in U.S. history, after taking a $45.5 billion charge in the fourth quarter to write down the value of assets.

AOL reported a fourth quarter net loss of $44.9 billion, or $10.04 a share, after taking the non-cash charge to write down the value of its embattled America Online business and other assets, compared to a year-ago loss of $1.8 billion, or 41 cents a share.

The company, which in the first quarter had reported a net loss of $54 billion after writing down the value of assets, posted a full-year 2002 net loss of $98.7 billion.

The full-year loss exceeded the gross domestic product of Egypt in 2001.

Strength in the company's film/entertainment business, with hits like the "Lord of the Rings" sequel, and cable networks offset weakness in the fourth quarter at America Online, which has been suffering from a sharp slowdown in advertising spending and subscriber growth.

The quarter capped a tumultuous year. About two years after AOL completed its $106.2 billion purchase of Time Warner, the old media veterans from Time Warner are running the show and the key architects of the deal have been forced out amid calls from angry investors that view the merger as a failure.

AOL Time Warner said its revenue in the quarter grew 8 percent to $11.4 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) -- a key measure of cash flow --- rose 16 percent to $2.8 billion from a year-earlier for the quarter.

Analysts polled by Multex expected, on average, EBITDA of $2.6 billion.

The company said it sees revenue growth for the 2003 full year in the mid-single digits and said it sees EDITDA to be essentially unchanged to down in the low-single digits.

Earlier on Wednesday, AOL Time Warner said it sold its 8.4 percent stake in Hughes Electronics Corp. as part of its efforts to cut its debt load.

The company said it plans to reduce total consolidated debt to approximately $20 billion by the end of 2004.

Shares of AOL closed up 30 cents, or 2.2 percent, at $13.96 on the New York Stock Exchange ahead of the results.

[rs79bm]

I thought Turner was long gone. And, what about that Billion dollars he pledged to the United Nations?

[flamefront]

The stock closed at $13.96 a share.

Then -

NEW YORK (Reuters) - AOL Time Warner Inc. (NYSE:AOL - news), the world's largest media company, on Wednesday posted a fourth- quarter net loss after taking a $45.5 billion noncash charge for the decline in the value of its embattled America Online business and other assets.

The company reported a net loss of $44.9 billion, or $10.04 a share, after the charge, compared to a year-ago loss of $1.8 billion, or 41 cents a share.

Sounds like it is getting close to $0.

[flamefront]

Now, how is his $1 Billion 'investment' in the UN? I'd say that is doing about as well at the moment. Short the UN.

[Dog Gone]

Not to $0 yet, but it's already fallen a dollar in after-market trading.

[PokeyJoe]

He's getting out so he can't float on his golden parachute.

Now THAT is a self-serving democrat for you.