Time Warner posts 16 billion dollar loss
The American media group Time Warner suffered a loss of more than 16 billion dollars in the final quarter of 2008 due to immensely high write-downs. Time Warner expects a stagnating result for the current year.
The American media group Time Warner suffered a loss of more than 16 billion dollars in the final quarter of 2008 due to immensely high write-downs. Time Warner expects a stagnating result for the current year.
The Group had to write down a total of 24.2 billion dollars on its struggling Internet division as well as its cable and publishing business due to a fall in goodwill. This was announced by Time Warner in New York on Wednesday. A year earlier, the company had made a profit of one billion dollars. Sales fell by just under three percent to 12.3 billion dollars in the fourth quarter. The loss was even greater than the company had feared in advance.
The loss for the year as a whole amounted to 13.4 billion dollars. In the previous year, the Group had made a profit of 4.4 billion dollars. Turnover grew by one percent to 47 billion dollars.
Group CEO Jeff Bewkes, who has been in office for just over a year, is in the process of restructuring the media giant. The Group has been looking for a new strategy or a buyer for the struggling AOL business for some time. Time Warner expects a stagnating result for the current year.
The Group had to write down a total of 24.2 billion dollars on its struggling Internet division as well as its cable and publishing business due to a fall in goodwill. This was announced by Time Warner in New York on Wednesday. A year earlier, the company had made a profit of one billion dollars. Sales fell by just under three percent to 12.3 billion dollars in the fourth quarter. The loss was even greater than the company had feared in advance.
The loss for the year as a whole amounted to 13.4 billion dollars. In the previous year, the Group had made a profit of 4.4 billion dollars. Turnover grew by one percent to 47 billion dollars.
Group CEO Jeff Bewkes, who has been in office for just over a year, is in the process of restructuring the media giant. The Group has been looking for a new strategy or a buyer for the struggling AOL business for some time. Time Warner expects a stagnating result for the current year.
