AOL Time Warner confirms it will take $54bn charge in Q1

AOL Time Warner Inc confirmed it will take a $54bn (€61.5m) charge in the first quarter to reflect a decline in the value of its acquisition of Time Warner, the company said in its annual report released today.

In January, AOL Time Warner said the charge, which is expected to be the largest ever taken by a corporation in a single quarter, would be in the $40-$60bn (€45-€68bn) range and would reflect a change in the accounting of goodwill amortization.