Time Warner Loses $16 Billion
Fourth-quarter losses in the billions
Time Warner reported a fourth-quarter loss of $16 billion.
According to Variety, the huge losses were caused by a $24.2 billion writedown of cable and other assets. The company foresaw these losses in January.
AOL, Time Inc., the film studio and publishing has seen the majority of losses, while cable has seen a revenue spike of almost $3 billion.