AOL posts US $100B loss and Turner resigns

Ted Turner, the US media mogul, founder of international news organisation CNN, and the largest individual investor and vice chairman of AOL Time Warner Inc., resigned from AOL Time Warner on Wednesday (Jan. 30)

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By  Massoud Derhally Published  January 30, 2003

Ted Turner, the US media mogul, founder of international news organisation CNN, and the largest individual investor and vice chairman of AOL Time Warner Inc., resigned from AOL Time Warner on Wednesday (Jan. 30)

Turner who is known for creating CNN in 1980, the world’s first 24-hour television news channel, said in a statement, “After much reflection, I have decided to resign from my executive duties as vice chairman of AOL Time Warner.”

“I have not come to this decision lightly.”

AOL reported an estimated net loss of US $100 billion for 2002 — the largest loss in U.S. corporate history.

In 1996, the Turner Broadcasting System merged with the Time Warner media group, making Turner deputy chairman of Time Warner. Turner oversaw Time Warner’s cable networks division, which included the assets of Turner Broadcasting System, Inc. (TBS, Inc.), the CNN Newsgroup, as well as Home Box Office, Cinemax, and the company's interests in Comedy Central and Court TV.

In 1997, Turner announced plans to donate US $1 billion to the United Nations for humanitarian programs, a move he hoped would encourage philanthropy. Turner will reportedly now devote much of his time to philanthropic activities.

The 64-year-old media tycoon married actress Jane Fonda in 1991 but announced his separation in January 2000.

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