America Online Will Report Losses
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Dulles, Va.-based America Online Inc. will take up to $460 million in charges, largely to revamp accounting methods, resulting in losses for its first and second quarters. The company also tapped Robert Pittman, the former chief executive of MTV Networks, to head its core consumer unit and bring a glitzier look to the online service. AOL also unveiled its flat-rate pricing of $19.95 a month for unlimited Internet access and usage. AOL shares rose $1 to $25.625 on the New York Stock Exchange.
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