Time Warner Inc. has agreed to pay the Securities and Exchange Commission $300 million as a settlement for charges that the company’s AOL overstated online ads revenue, conducted illegal transactions and abetted frauds at other companies. In spite of the settlement with the S.E.C.’s commissioners, the world’s largest media company hasn’t made any clear statement about all allegations.

Earlier, in December, Time Warner reached a similar settlement with the Justice Department.

The two agreements, with total cost of $510 million, resulted in the decision to assign an independent examiner to investigate the company’s accounting and transaction history.

Separately, the commission charged three Time Warner’s executives -- Chief Financial Officer Wayne Pace, Controller James Barge and Deputy Controller Paschal Desroches -- with abetting the violation of federal accounting reporting laws. The executives contributed to the manipulation inflating revenue by $400 million during transactions with German media giant Bertelsmann.

The settlements forced a difficult period for Time Warner. While under investigation, it was limited in some financial activities, including issuing stock. Its shares fell by 28 cents to $18.42. Time Warner’s online ad revenues dropped by about $500 million.

Still, bad times are not over yet. Yesterday, Linda Chatman Thomsen, deputy director of the S.E.C.’s division of enforcement, announced: "We have settled with Time Warner and three others, but the investigation is continuing."