Reporting its third-quarter earnings, media giant Time Warner Inc. announced this week that it has set aside $500 million to cover possible settlements and penalties relating to pending government investigations.
According to reports, the probes stem from allegations of accounting irregularities at Time Warner-owned America Online (AOL).
Time Warner went on to reveal that as a result of its failure to consolidate the financial results of AOL Europe when it acquired an 80% stake in the company from German media firm, Bertelsmann, it has been obliged to restate its consolidated earnings for 2000 and 2001, and may need to re-examine its figures for 2002.
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