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Reflections on M&A accounting from AOL’s acquisition of Time Warner / Paul M. Healy
// Acounting and business research 2016, Vol46, N.5 p528-p541 In early 2000, AOL announced the acquisition of Time Warner for USD162 billion. The acquisition, one of the largest in history, generated USD 127 billion of goodwill. Yet after only a few years, the merged firm had taken an impairment charge for USD 99 billion, and the acquisition was viewed as a colossal failure. This study examines how the deal was initially reported and valued, the timeliness of the goodwill impairments, and how the market interpreted the reporting. Given this field evidence, I revisit key questions on M&A reporting standards and implications for future research
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