AOL posts 100 billion loss, Turner flees
Posted by Matthew on Thursday January 30, 2003 @02:48PM
from the last-spasm-of-the-glorious-revolution dept.
Matthew writes: Vice Chairman Ted Turner, the Dear Leader and second in command of AOL/Time Warner, has fled the organization on the heels of an announced 100 billion dollar loss in 2002.
AOL has been dealing with simmering resentment and open revolt by Time Warner employees since the recent hostile takeover of Time Warner. Two weeks ago, AOL leader Chairman Case announced his own retirement and a democratic referendum to select a new chairperson, but this news has apparently done little to stem the bloodletting.
The Time Warner division has kept the company afloat despite the ongoing rebel operations. The AOL division, once the most powerful New Economy company on the planet, continues to hemorrhage both money and subscribers, creating a humanitarian refugee problem the likes of which have never been seen before.
Cox cable, one of the major receivers of AOL refugees, has asked for relief from the FCC as the company struggles to deal with millions of new subscribers. AOL has made very public pleas for subscribers to stay with the company, even going to the unprecedented step of actually asking them to express their opinions. Despite this, millions still flee the uncertainty of the service provider, and its share price is currently nose-diving to all time lows. The U.S. Government is airlifting its regulatory staff away from the ISP and the state department has listed AOL as a “high risk” destination.