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NEW YORK The Securities and Exchange Commission is examining transactions between AOL Time Warner’s America Online Internet unit and Bertelsmann A.G., which could result in further financial restatements.
New York-based AOL Time Warner has already restated $190 million in ad revenue, an outcome of an internal review.
According to AOL Time Warner’s annual report filed Friday, the SEC has expressed that at least some of the $400 million in advertising purchased by Bertelsmann since 2001 should not be recognized as ad revenue.
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