Summarize how the AOL spinoff from TimeWarner was accomplished and when. Discuss whether cash or stock was used and whether the stockholders saw their value increase.

Summarize the TimeWarner settlement of AOLs accounting fraud charges and which periods financial statements were affected. Summarize the changes to the financial statements for any years which restatements were required, highlighting the effects on reported earnings.

Summarize the acquisition of AOL by Verizon on 6/23/15, highlighting how it was accomplished, including the timing and price paid. Also discuss any goodwill which was allocated to the purchase price. Find an article which addresses the reasons for the acquisition and summarize.

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA (in thousands, except per share data) Year Ended June 30, 1995 1994 199 1992 1991 Statements of Operations Online service revenues Other revenues Total Revenues Income Qoss) from operations Income (loss) before extra- S358,498 35,792 394,290 (19,294) S100,993 14,729 115,722 4,608 $38,462 13,522 51,984 1,925 $26,226 12,527 38,753 3,685 $19.515 10,646 30,161 ordinary items (33,647) (33,647) 2,550 2.550 399 1,532 2,344 3,768 1,100 Net income (loss) (I) Income (loss) per common share Income (loss) before extra ordinary item S 0.07 $0.06 Net income Qoss) Weighted average shares S 0.07 $0.05 $ 0.09 outstanding 33,986 34,208 29,286 22,828 19,304 1994 199 1992 199 .3 Balance Sheet Data: Working capital (deficiency) Total assets Total debt As of June 30, S (456 $47,890 S10,498 $12,363 S(966) 406,464 . 154,584 9,302 98,297 39,279 2,959 23,785 31,144 21,810 Stockholders' equity (deficiency)217,944 11,534 1,865 (8,623) 2,672 Other data (at flScal year end) Subscribers 903 or acqured research and develop 3,005 182 for merger 1) Net loss in the f scal year ended June 30. 995 expense. See Note 3 of the Notes to Consolidated ER charges of $50.3 gg R and$22 g 9 Statements. SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA (in thousands, except per share data) Year Ended June 30, 1995 1994 199 1992 1991 Statements of Operations Online service revenues Other revenues Total Revenues Income Qoss) from operations Income (loss) before extra- S358,498 35,792 394,290 (19,294) S100,993 14,729 115,722 4,608 $38,462 13,522 51,984 1,925 $26,226 12,527 38,753 3,685 $19.515 10,646 30,161 ordinary items (33,647) (33,647) 2,550 2.550 399 1,532 2,344 3,768 1,100 Net income (loss) (I) Income (loss) per common share Income (loss) before extra ordinary item S 0.07 $0.06 Net income Qoss) Weighted average shares S 0.07 $0.05 $ 0.09 outstanding 33,986 34,208 29,286 22,828 19,304 1994 199 1992 199 .3 Balance Sheet Data: Working capital (deficiency) Total assets Total debt As of June 30, S (456 $47,890 S10,498 $12,363 S(966) 406,464 . 154,584 9,302 98,297 39,279 2,959 23,785 31,144 21,810 Stockholders' equity (deficiency)217,944 11,534 1,865 (8,623) 2,672 Other data (at flScal year end) Subscribers 903 or acqured research and develop 3,005 182 for merger 1) Net loss in the f scal year ended June 30. 995 expense. See Note 3 of the Notes to Consolidated ER charges of $50.3 gg R and$22 g 9 Statements