New York: Ted Turner, the mercurial media executive who founded Cable News Network (CNN) and then merged it into what is now the world's biggest media group, is resigning as Vice Chairman of AOL Time Warner in the wake of a massive loss reported by the company.

Turner's resignation was announced on January 29, minutes after AOL Time Warner announced that it has suffered a net loss of nearly $ 100 billion in 2002, the biggest full-year loss in the American corporate history.

The media giant lost a staggering $ 44.9 billion in fourth quarter alone as the value of America Online collapsed.

"After much reflection, I have decided to resign from my executive duties as vice chairman of AOL Time Warner," he said.

His resignation will be effective from May when the company's annual meeting of shareholders is held.

Turner, 64, launched CNN 20 years ago in the face of scepticism about the success of news only television network and made history.

He had merged CNN in Timer Warner in 1966 and some reports suggest that he was unhappy as his role had decreased after AOL and Time Warner merged in a $ 106 billion deal two years ago and Turner became its vice chairman. He had recently been critical of the merger.

The massive losses suffered by AOL Time Warner reflected the evaporation of much of the group's value since AOL merged with Time Warner in January 2000 to create the world's biggest media group.

At the time the deal, AOL's share value was greatly increased by the Internet boom. But along with the Internet bubble, AOL's value has deflated.

In face of losses and criticism by shareholders, Chairman Steve Case had already announced his resignation and company Chief Executive Richard Parson is slated to replace him.

Turner, who was also the single largest individual shareholder of AOL, conveyed his decision to the company Chief Executive Richard Parson on Tuesday night.

He said he is resigning to devote time, effort and resources to philanthropic activities and several "socially responsible efforts", as it had come clear to him that he derives much personal satisfaction from such activities.

Turner had pledged one billion Dollars to the United Nations in 1997 and has committed 250 million Dollars over five years. His Turner Foundation promotes various causes. PTI