Time Warner to Restate Earnings Back to 2000

From the Associated Press

Time Warner Inc. said it would restate its financial results after an independent auditor found problems with the way it accounted for a number of transactions in 2000 and 2001, mainly involving online advertising.

The restatement comes as part of a settlement with the Securities and Exchange Commission that was announced last year and required the company to pay a $300-million penalty. Time Warner will restate results going back to 2000.