Media giant probe.
It is alleged AOL allowed a British entertainment company to buy advertising instead of paying an arbitration award in a legal dispute; shifted revenue between two divisions; and sold ads on behalf of on-line auctioneers eBay while booking the sales as its own revenue. The probe follows US accounting scandals at Enron, WorldCom and Xerox.
Chief executive Richard Parsons said: ``I am personally committed to doing all we reasonably can to promote clarity and transparency for investors.''
Despite a massive Wall Street rally yesterday, AOL Time Warner's shares slipped 15 cents to $11.40. In after hours trading they fell to $10.65.
MAGIC: Warner Bros made millions from Harry Potter
|Printer friendly Cite/link Email Feedback|
|Publication:||Liverpool Echo (Liverpool, England)|
|Date:||Jul 25, 2002|
|Previous Article:||CAPITA SCORES RECORD PROFIT; Contracts break the pounds 1bn barrier.|
|Next Article:||Jobs: I never sold myself short at interviews; My first job.|
|Accountancy probe into media giant.|
|Sorted and the City: Messier business.|