NY Post: AOL May Write Off $400M Ads

Just as AOL seems to be at least trying to turn things around, they get into an ad revenue snafu.

AOL Time Warner disclosed yesterday that it may have to restate its revenue downward by an additional $400 million as part of an ongoing Securities and Exchange Commission investigation into the media giant's accounting practices.

In its annual report released yesterday, the company said it has been notified that at least some of $400 million in advertising revenue from German media company Bertelsmann shouldn't have been accounted for as advertising revenue.