AOL Time Warner reveals €2.08bn loss

AOL Time Warner has revealed a €2.08bn fourth-quarter net loss.

The world's largest media and internet company was hit by declining advertising revenues and the US economic slowdown.

AOL was also hit by a €1.9bn write-down of investments, as well as costs related to the merger of internet service provider AOL with Time Warner.

The fourth-quarter loss compares with a net loss of €1.2bn in the same period a year earlier.

The results are in line with a reduced outlook that the company had issued earlier this month.