Time Warner Posts $16B Loss on Declining Media Value

Conglomerate takes $25 writedown as publishing, Net assets cheapen
By Jason Farago,  Newser Staff
Posted Feb 4, 2009 6:18 AM CST
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)
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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.