Media group Time Warner has to write off billions
The US media group Time Warner fell into the red last year due to billions in write-downs. The Group warned that the bottom line for the past year was a loss.
The US media group Time Warner fell into the red last year due to billions in write-downs. The Group warned that the bottom line for the past year was a loss.
Time Warner announced in New York on Wednesday that pre-tax adjustments of 25 billion dollars had been made for the cable business, the publishing division and the AOL Internet division due to lower goodwill. Time Warner had previously expected a significant profit for the past year. The Group did not provide more precise details on the amount of the loss. The figures are to be announced at the beginning of February. In 2007, Time Warner achieved a surplus of just under 4.4 billion dollars.
Time Warner had already announced massive job cuts at its magazines such as Time, Fortune and People some time ago due to falling advertising revenues. The Group has been looking for a new strategy or a buyer for the struggling AOL business for some time.
Group CEO Jeff Bewkes, who has been in office for a year, is massively restructuring the media giant. The Group intends to completely divest itself of its cable network division, which is already listed on the stock exchange. The Group also owns the Warner Brothers film studio and TV channels such as CNN and the popular pay channel HBO (Home Box Office), responsible for such outstanding TV series as "Rome", "The Wire", "Entourage" and "Flight Of The Conchords".
Time Warner announced in New York on Wednesday that pre-tax adjustments of 25 billion dollars had been made for the cable business, the publishing division and the AOL Internet division due to lower goodwill. Time Warner had previously expected a significant profit for the past year. The Group did not provide more precise details on the amount of the loss. The figures are to be announced at the beginning of February. In 2007, Time Warner achieved a surplus of just under 4.4 billion dollars.
Time Warner had already announced massive job cuts at its magazines such as Time, Fortune and People some time ago due to falling advertising revenues. The Group has been looking for a new strategy or a buyer for the struggling AOL business for some time.
Group CEO Jeff Bewkes, who has been in office for a year, is massively restructuring the media giant. The Group intends to completely divest itself of its cable network division, which is already listed on the stock exchange. The Group also owns the Warner Brothers film studio and TV channels such as CNN and the popular pay channel HBO (Home Box Office), responsible for such outstanding TV series as "Rome", "The Wire", "Entourage" and "Flight Of The Conchords".
