NEW YORK 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 assets.
TW, which expects to soon spin off TWC, also projected a 2009 profit for its remaining content businesses of 66 cents per share.
Meanwhile, TWC president and CEO Glenn Britt — in one of the most clearly worded such comments from a cable industry leader to date — said that his firm is feeling the impact of the recession, even though it performs better than many other businesses in this environment.
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