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Time Warner and Time Warner Cable on Wednesday reported fourth-quarter losses on $24.2 billion in impairment writedowns to account for the lowered value of its assets that it had mentioned in a recent earnings warning.
TW, which expects to spin off TW Cable soon, also projected a 2009 profit for its remaining content businesses of 66 cents per share.
Meanwhile, TW Cable president and CEO Glenn Britt said — in one of the most clearly worded such comments from a cable industry leader to-date — that his firm is feeling the effects of the recession, even though it performs better than many other businesses in this environment.
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