AOL unveils $54bn loss
BBC | at | by Mike
AOL looooossssseeerrrrrrsssssss..............
Media giant AOL Time Warner has reported one of the highest quarterly losses in history, after making a record $54bn (£37bn) write-down - reducing the book value of assets the company owns. AOL Time Warner is a sprawling media giant, with interests ranging from cable channels like CNN to Time magazine and film studios making box office hits like Harry Potter. The write-down at AOL reflects the decline of the value of its holdings since the bursting of the dot.com bubble two years ago. The write-down, which had been expected, is equal to the gross national products of countries such as Uruguay or Bulgaria. AOL paid $106.2bn for Time Warner in 2000.