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Accountancy probe into media giant.

THE US Justice Department is investigating accounting at AOL Time Warner, the world's biggest media organisation, the company confirmed yesterday.

The company was already being investigated by the Securities and Exchange Commission.

The media giant did not specify which practices were being looked at, but the SEC probe is focusing on several transactions that led to higher revenues at the American Online side of the company.

The Justice Department probe comes at an especially difficult time for AOL Time Warner.

The company is in the midst of management turmoil and earlier this month sacked its number two executive, former America Online chief Robert Pittman.

Pittman was in charge of America Online as it grew into the nation's largest internet company, and it is that period that investigators are focusing on.

A series of articles in The Washington Post described what the newspaper called ``unconventional'' ways of increasing revenues at America Online between July 2000 and March 2002.
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Geographic Code:1USA
Date:Aug 1, 2002
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