Media giant’s loss widens

Wednesday, Oct. 17, 2001 | 9:51 a.m.

NEW YORK -- AOL Time Warner Inc. reported a wider net loss for its third quarter today as the company recorded charges related to its merger and write-downs for investments.

AOL Time Warner had a net loss of $996 million, or 22 cents per share, in the three months ending Sept. 30, compared to a net loss of $905 million, or 21 cents per share, in the same period a year ago. Revenues, however, grew 6 percent to $9.32 billion from $8.76 billion.

The results were in line with guidance the company issued late last month, when it warned that its full-year results would be below previous estimates due largely to the slump in advertising, which was worsened by the Sept. 11 terrorist attacks.

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