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AOL's Time Warner Posts $16 Billion Loss

3:14 pm on Feb 4, 2009 (gmt 0)

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AOL's Time Warner Posts $16 Billion Loss [nytimes.com]
Time Warner, the media and entertainment company, reported a fourth-quarter loss on Wednesday, hurt by a $24.2 billion write-down for its cable, publishing and AOL assets.The company posted a loss of $16.03 billion, or $4.47 a share, compared with profit of $1.03 billion, or 28 cents a share, a year ago.

Quarterly results were dragged down $4.70 a share mostly because of a $24.2 billion write-down. Time Warner had anticipated the write-down, predicting in January that it would record an operating loss for the fourth quarter and the full year.