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  AOL earns $1 billion in second quarter on assets sales, settlement
Time: 11:06 EST/16:06 GMT | News Source: E-Mail | Posted By: Brian Kvalheim

NEW YORK (AP) - Second-quarter profit at AOL Time Warner Inc., the world's largest media company, jumped to $1.06 billion thanks to several one-time gains, including the sale of the company's stake in Comedy Central and a settlement with Microsoft Corp. In the April-June period a year ago, the company earned $396 million. On a per-share basis, earnings rose to 23 cents from 9 cents. Revenues rose 6 per cent to $10.82 billion from $10.2 billion. The company also said the Securities and Exchange Commission was still investigating several transactions the company made, mainly at its AOL unit. The company said the SEC has determined that its accounting of two transactions between AOL and Bertelsmann was not correct, though the company says it stands by its accounting of those deals.
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