$16B loss for Time Warner
Time Warner Inc. swung to a whopping fourth-quarter loss of $16 billion, or $4.47 per share, as the entertainment giant was impacted by a writedown on its assets.
A year ago, New York City-based Time Warner (NYSE: TWX), parent of time Warner Cable, had a profit $1.03 billion, or 28 cents per share.
The $24.2 billion writedown was tied to the company’s cable, publishing and AOL units.
Minus the write-offs, adjusted earnings were 23 cents per share cashadvance.
Time Warner Cable, the franchise provider for much of upstate New York including the Albany area, saw revenue rise by 8 percent to $4.4 billion. Time Warner Cable is in the process of being pared to a stand-alone business.