Below is a main project class that creates a text area instance, adds it to the stage, creates a text area style and applies it to the text area. Formatting a TextArea object is different than formatting a TextField object in AS3.

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package  {
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	import flash.display.MovieClip;
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	import flash.text.TextFormat;
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	import fl.controls.TextArea;
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	import fl.managers.StyleManager;
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	public class main extends MovieClip {
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		//create vars
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		//create text area object
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		var myTextArea:TextArea = new TextArea();
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		//create text area formatting style variable
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		var myTextFormat:TextFormat = new TextFormat();
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		public function main() {
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			// constructor code
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			addChild(myTextArea);
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			myTextArea.x = 30;
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			myTextArea.y = 30;
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			myTextArea.setSize(400, 100);
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			myTextArea.text = "Hello World";
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			//set style formating variable
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			myTextFormat.font = "Arial";
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			myTextFormat.size = 18;
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			myTextFormat.bold = true;
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			myTextFormat.italic = true;
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			myTextFormat.underline = true;
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			myTextFormat.color = 0xef0000;
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			//apply style to textarea variable
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			myTextArea.setStyle("textFormat", myTextFormat);
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		}
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	}
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}
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