Newsday (Suffolk Edition) from Melville, New York • 46

A46 BUSINESS Time Warner Profits Up Despite AOL Downslide CO 0 35 3 THE GREAT HOME EQUITY SALE OF 2003 CD one-time charge of between $12 billion and $16 billion for the fourth quarter it said The company is negotiating a sale of Warner Music to the EMI Group Net income for Time Warner totaled $541 million for the quarter including investment gains and special restructuring and impairment charges compared with $57 million in quarterly net income a year earlier Revenue rose 4 percent to $103 billion In another key financial measure operating income before depreciation and amortization excluding an impairment charge related to the sale of sports teams rose 11 percent is a lot more to do but I feel we are building the kind of foundation and momentum on which we can drive strong growth in 2004 and said Time Warner chief executive Richard Parsons Parsons predicted AOL operating income which fell 7 percent to $150 million in the quarter will bottom out this year and resume growth next year He said AOL with 26 million high-speed subscribers an increase of 340000 in the quarter is seeing signs of with service piggybacking access from cable or phone companies Meanwhile AOL Europe gained 23000 subscribers for a total of 63 million By Harry Berkowitz STAFF WRITER Strong gains in the movies TV networks and cable TV systems helped boost third-quarter income at Time Warner despite a further drop in subscribers at America Online the newly renamed company said yesterday The financial results again highlighted the former AOL Time efforts to keep America Online which is struggling with the Internet shift from dial-up to high-speed access from overshadowing strength at more traditional operations Time Warner dropped from its name last week The stock closed yesterday at $1506 down 49 cents In the United States America Online had 247 million subscribers as of Sept 30 a decrease of 688000 in the quarter and 2 million over the past year One of the older operations Warner Music however posted a 1-million loss as it continued to suffer amid weakness in the overall music industry and another longtime unit the publishing operation saw operating income drop 25 percent The music industry problems will probably cause Time Warner to take a Annual Percentage Rate Reuters Air Ads Declines commercial for electronic billboard 5 Year Loan group termed the decision a not really a Topping said just our Methodist officials said they learned that the situation was the result of a miscommunication by the ad agency United Methodist Communications is spending $21 million on a four-year US media campaign called The campaign was launched in 2001 and includes TV radio and other outdoor ads designed to raise awareness of the denomination The denomination has 10 million members worldwide the group said The Methodist group said its commercials have aired on such major and cable networks as NBC CNN Fox News Channel TBS and TNT people are being deprived of an opportunity to receive an important message of hope of peace of the Rev Larry Hollon general secretary of United Methodist Communications said in a statement is a sad commentary about the times in which we By Monty Phan STAFF WRITER Citing company policy Reuters has declined to air an international Methodist commercials on the media Times Square electronic billboard irking the church which yesterday said it already had paid for the ads United Methodist Communications which handles ad campaigns for the United Methodist denomination said it paid $30000 to rim the 30-second commercial 10 times a day from Nov 17-30 hoping to reach the millions of visitors to Times Square during the period around Thanksgiving The group bought the ad through ad agency Outdoor Television Network of Toronto which had agreed to air it on the 7000-square-foot billboard housed on the side of North American headquarters at 3 Times Square But Reuters informed the agency the media company does not accept ads that are religious political libelous misleading or said Samantha Topping a Reuters spokeswoman and it declined to air the commercial on its billboard The Methodist Hurry! 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