US media group Time Warner has posted a massive loss for the fourth quarter of 2008, totalling over 16 billion dollars. The group said this 'reflected the effects of a fall in value on acquired assets'.
AFP - US media giant Time Warner on Wednesday reported a 16.03-billion-dollar loss in the fourth quarter and a 13.40 billion dollar loss for all of 2008.
By contrast, Time Warner posted a 1.03-billion-dollar profit in the fourth quarter of 2007 and a 4.38-billion-dollar profit for that year.
The media group said the loss reflected the effects of a fall in value on acquired assets.
In early January, the company said it would take a writedown of 25 billion dollars to reflect declining values at its AOL Internet unit along with cable and publishing operations.
Sales for 2008 came to 47 billion dollars, up 1.0 percent from 2007 after falling 3.0 percent in the fourth quarter to 12.3 billion dollars.
The fourth quarter sales performance was attributed to a slowdown in cinema activity and publishing as well as at its Internet subsidiary AOL.
Date created : 2009-02-04