AOL facing possible USD400 million revenue restatement

31 Mar 2003

Troubled US media group AOL Time Warner has come under the spotlight of the regulator, the Securities and Exchange Commission (SEC), which has raised questions over its accounting of two advertising contracts with German media conglomerate Bertelsmann. The SEC has been conducting an investigation into AOL’s internet division which booked the revenues from the agreements – carrying a combined value of USD400 million – between the first quarter of 2001 and the last quarter of 2002.