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The losses were driven by a $134m (£92.8m) merger-related charge and a $196m (£135.7m) investment write-down.

Revenues rose to $9.3bn (£6.4bn), led by a 13% increase in subscription revenues at AOL and Time Warner cable operations to $4.2bn. Content and other revenues climbed 6%, offsetting a 5% decline in advertising and commerce revenues to $1.9bn (£1.3bn).

Revenues at ISP AOL climbed to $2.2bn (£1.5bn), largely as a result of a surge in US subscriptions. The ISP announced earlier this week that AOL Europe has surpassed the 5m mark.

AOL yesterday launched its next-generation software AOL 7.0, which is said to deliver a more localised experience to members and more valuable marketing opportunities for partners, as well as new features such as Radio@AOL and AOL Box Office.

Revenues at Time Warner Cable jumped 17% to $1.8bn (£1.2bn) as subscription revenues grew 15% to $1.6bn (£1.1bn), and advertising and commerce revenues rose 41% to $175m.

Revenues at the company's filmed-entertainment arm, including Time Warner and Warner Bros, rose 5% to $2.1bn (£1.5bn) following a strong performance from a number of films this year.

At Warner Bros, Jackie Chan managed to outdo Stanley Kubrick and Steven Spielberg. Chan's new movie Rush Hour 2 has drawn sales of $290m (£201m) worldwide to date, while the Kubrick/Spielberg A.I. has netted only $217m (£150m) worldwide so far.

The group's music division did not fare so well. Warner Music revenues were down 1% to $939m (£650m), due to lower music sales across the industry and unfavourable currency exchange rates, the company said in a statement.

The division's Ebitda fell 21% to $87m (£60m) as the company increased its marketing spend to increase its market share through artists such as Craig David, Linkin Park, Staind and Enya.

However, the group's publishing arm Time Inc, which completed its acquisition of UK-based consumer magazine group IPC Media this quarter, saw Ebitda soar 41% to $1.96bn (£1.3bn) on revenues growth of 4% to $1.1bn (£761m).

CEO Gerald Levin said the events of September 11 underscored the company's commitment to "connect and inform people".

He said, "The keys to our success in this difficult environment are clear. AOL Time Warner greatly benefits from the diversity of our revenue streams and the quality of our assets."

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