Time Warner Inc. on Wednesday said it would pay $2.4 billion to settle charges it overstated revenue and posted a net loss for the second quarter as a result of the settlement.
Time Warner said it agreed to pay $2.4 billion to a lead group of shareholders who accused the company of overstating its revenue by $1.7 billion between January 1999 and August 2002.
New York-based Time Warner reported a second-quarter net loss of $321 million (7 cents a share), compared with profit of $777 million (17 cents) in the year-earlier period.
