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AOL Losses Skyrocket; Turner to Step Down | |
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| Time: 00:08 EST/05:08 GMT | News Source: Associated Press | Posted By: Robert Stein | ||
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Ted Turner, the billionaire media mogul who pioneered cable television and built CNN, is stepping down as vice chairman of AOL Time Warner Inc. The world's biggest media company made the announcement Wednesday as it reported a staggering fourth-quarter loss of $44.9 billion, largely because of a huge decline in the value of its stock. Turner, who sold his cable empire to Time Warner in 1996, will leave in May. He has long been reported to be unhappy with his diminished role since the Time Warner-AOL merger. | ||
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