The Washington Post reports AOL Time Warner, the world’s largest media company, posted a 2002 loss of nearly $100 billion, the largest annual loss in U.S. corporate history. They took a $45.5 billion charge in the fourth quarter to write down the value of assets.
The company, which also said media mogul Ted Turner would step down as vice chairman, reported a fourth quarter net loss of $44.9 billion, or $10.04 a share, after taking the non-cash charge to write down the value of its embattled America Online business and other assets. That compared to a year-ago loss of $1.8 billion, or 41 cents a share.
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