- A Whopper of an honor: Local company named top Burger King franchisee (11/15/17)3
- Southern Illinois farmer's grapevines destroyed by dicamba; four years of work lost (10/29/17)2
- Aldi store reopens after renovations (11/14/17)3
- Residents view pedestrian bridge as eyesore; city manager says it's designed to rust (11/13/17)8
- Decisions coming soon on steel mill, smelter in New Madrid (11/17/17)1
- Federal jury finds surgeon Fonn guilty of kickback scheme (11/10/17)4
- State audit: Bollinger County tax levies violate state law; county commission disagrees (11/17/17)3
- Cape native co-directs Thanksgiving-related indie film, 'Drinksgiving' (11/17/17)
- Son of Westboro Baptist Church patriarch discusses abuse, faith (11/15/17)6
- Scott City council hires former SEMO public safety director as city administrator (11/15/17)
Time Warner settles SEC fraud charges, pays $300 million penalty
NEW YORK -- Closing a difficult chapter, Time Warner Inc. said Monday it would pay $300 million and restate three years of financial results to settle civil fraud charges stemming from its accounting of online advertising revenues and subscriber counts at its AOL unit.
The settlement with the Securities and Exchange Commission also calls for the world's largest media company to open its books to an independent examiner, which could result in additional restatements.
The details of the deal, which include no admission or denial of wrongdoing, are in line with a proposal the company made and disclosed last December. At that time, Time Warner also said it had agreed to pay $210 million to resolve charges of criminal securities fraud in a separate investigation by the Department of Justice. The combined $510 million settlements should give Time Warner a freer hand to pursue acquisitions.