AOL Time Warner Eyes Move Into Britain
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Media giant AOL Time Warner Inc. left the door open to making a move on British entertainment companies, saying it was interested in British broadcasters and had not given up hope on music rival EMI Group.
AOL Time Warner CEO Richard Parsons said Europe remained a long-term growth engine for the world’s biggest media company and Britain represented a crucial springboard, but he signaled he would not be rushing to forge deals at current prices.
AOL Time Warner is reviewing its strategic direction as it faces mounting problems including a faltering Internet unit that was once its flagship business. The group also is grappling with accounting probes, but Parsons said an internal online investigation would not extend to other divisions.
AOL Time Warner shares, which have fallen 60% this year, were up 3 cents to $13.36 on the New York Stock Exchange.
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