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Time Warner on Wednesday announced that it will post a net operating loss for 2008 after certain fourth-quarter reversals will find it writing down the value of its cable, publishing and AOL units to the tune of around $25 billion.
The media conglomerate said that the cratering economy has had a more stifling effect on its advertising business than it had anticipated, particularly at AOL and the Time Inc. units.
Also contributing to the revised outlook: a $280 million judgment against Turner Broadcasting System related to the 2004 sale of its winter sports teams and the sudden loss of $50 million-$60 million in rent that was once paid by former Time-Life Building tenant Lehman Brothers.
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