Time Warner swings to fourth-quarter loss: weighed down by $24.2 billion write down

Time Warner Inc. has reported a fourth-quarter loss, hurt by a $24.2 billion write down for its cable, publishing and AOL assets. The New York-based media and entertainment company posted a loss of $16.03 billion, or $4.47 per share, compared with profit of $1.03 billion, or 28 cents per share, last year. Quarterly results were dragged down $4.70 per share mostly due to the $24.2 billion write down.

Time Warner had anticipated the write down, predicting in January that it would record an operating loss for the fourth quarter and the full year. Excluding the write down, adjusted earnings were 23 cents per share.

Revenue for the period ending on December 31st dipped three per cent to $12.31 billion from $12.64 billion on softness in its filmed entertainment, AOL and publishing units.