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SUNDAY, NOVEMBER 8, 2009
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Time Warner Posts $16B Loss on Declining Media Value

Conglomerate takes $25 writedown as publishing, Net assets cheapen

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(Newser) – Time Warner reported a shattering fourth-quarter loss of $16 billion, prompted by plunging ad sales and a $25 billion goodwill writedown to reflect the decline in cable, publishing, and Internet assets, Bloomberg reports. While the media conglomerate took a hit from plummeting revenue at AOL and its magazines, rising revenue from cable systems and TV networks softened the blow.

The Time Warner building is photographed Wednesday, Nov. 7, 2007, in New York. The media conglomerate posted a $16 billion fourth-quarter loss after a goodwill writedown of $25 billion.
The Time Warner building is photographed Wednesday, Nov. 7, 2007, in New York. The media conglomerate posted a $16 billion fourth-quarter loss after a goodwill writedown of $25 billion.   (AP Photo/Diane Bondareff)
People walk by the Time Warner building, Wednesday, Nov. 7, 2007, in New York. Weak results from AOL tempered an otherwise strong quarter at Time Warner Inc., the company reported Wednesday, as gains from cable TV and the latest Harry Potter movie helped the media conglomerate meet Wall Street expectations.
People walk by the Time Warner building, Wednesday, Nov. 7, 2007, in New York. Weak results from AOL tempered an otherwise strong quarter at Time Warner Inc., the company reported Wednesday, as gains...   (AP Photo/Diane Bondareff)
In this June 9, 2003 file photo, CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago. Citigroup said Wednesday, Jan. 21, 2009, Richard Parsons will succeed Sir Win Bischoff as chairman as of Feb. 23.
In this June 9, 2003 file photo, CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago. Citigroup said Wednesday, Jan. 21, 2009, Richard Parsons will succeed Sir Win Bischoff as chairman...   (AP Photo/Stephen J. Carrera, file)
In this May 12, 2008 file photo, the AOL logo is projected on a wall of the company's New York office. Time Warner Inc.'s AOL business announced Wednesday, Jan. 28, 2009, it's cutting up to 700 jobs, or about 10 percent of the Internet unit's work force, in a...
In this May 12, 2008 file photo, the AOL logo is projected on a wall of the company's New York office. Time Warner Inc.'s AOL business announced Wednesday, Jan. 28, 2009, it's cutting up to 700 jobs,...   (AP Photo/Mark Lennihan, File)
Time Warner CEO Jeff Bewkes arrives at the premiere of the HBO Documentary
Time Warner CEO Jeff Bewkes arrives at the premiere of the HBO Documentary "Roman Polanski: Wanted and Desired" in New York, on Tuesday, May 6, 2008.   (AP Photo/Peter Kramer)
In this June 15, 2006 file photo, Ted Turner, chairman of Turner Enterprises, listens as President Bush speaks at the Initiative for Global Development 2006 National Summit in Washington. It wasn't religion that broke up his marriage to Jane Fonda, Ted Turner declares in a new memoir.
In this June 15, 2006 file photo, Ted Turner, chairman of Turner Enterprises, listens as President Bush speaks at the Initiative for Global Development 2006 National Summit in Washington. It wasn't religion...   (AP Photo/Charles Dharapak, File)
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