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"We believe our investment in AOL may be impaired," Google said in its latest quarterly financial filing with the U.S. Securities and Exchange Commission.
Google said it would continue to review its investment for impairment, and financial write-downs could be required in the future.
In a deal announced in December 2005 and which closed the following year, Google paid $1 billion in cash for a 5 percent indirect equity stake in AOL.
The deal by the Mountain View, California-based company gave AOL a theoretical valuation of $20 billion at the time.