Did AOL Just Write Down Its Bebo Acquisition?

As part of Time Warner's $24 billion writedown of goodwill that it detailed in this morning's fourth quarter earnings announcement , AOL accounted for $2.2 billion. That charge swung the business from a $2.0 billion operating profit last year to a $1.1 billion operating loss in the quarter. The charge was related to reducing the "carrying value of goodwill," which is what companies do when when an acquisition or investment is no longer worth what they paid for them. For instance, Google just wrote down $1 billion of its investment in AOL itself. But AOL can't take a charge on a decline in its own value (at least, I don't think it can). It's $2.2 billion charge is an acknowledgement that it overpaid for certain acquisitions or investments. But which ones? It doesn't say in the earnings release, but its biggest acquisition last year was the $850 million it paid for social network Bebo. It is now clear that AOL overpaid. But how much does AOL think it is worth now? 200 million? I have calls and emails into AOL, but don't really expect them to answer that.
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