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Media giant probe.

MEDIA giant AOL Time Warner has said that the US Securities and Exchange Commission (SEC) is looking into a series of transactions that may have improperly boosted revenue.

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.

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MAGIC: Warner Bros made millions from Harry Potter
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Title Annotation:Business
Publication:Liverpool Echo (Liverpool, England)
Geographic Code:1USA
Date:Jul 25, 2002
Words:141
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