Free Republic

NEW YORK (Reuters) - An accused prostitution ringleader said a Time Warner Inc. Chief Financial Officer was her "sugar daddy" in a relationship where he had showered her with gifts, two New York tabloid newspapers reported on Saturday. A Time Warner spokesman declined to comment on the allegations against CFO Wayne Pace. Andrea Schwartz was accused of operating a high-priced sex for hire business out of a million dollar New York apartment, charging clients up to $1,500 per session, according to reports in the New York Daily News and the New York Post. Pace's lawyer, Mark Pomerantz, was not immediately...

NEW YORK (Reuters) - AOL Time Warner Inc. is expected to write off several billion dollars -- on top of the record $54 billion charge it took last year -- increasing the strain on its balance sheet, analysts and investors say. The world's largest media company said in October it was probable it would take a "substantial" noncash goodwill impairment charge in the fourth quarter to reflect the reduced value of its America Online unit since its 2001 merger with Time Warner. While AOL Time Warner executives have said debt covenants would not be affected by the noncash charge, accounting...