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Article: Pix hardly fix: solid slate can't turn Time Warner's tide.
- Article from:
- Daily Variety
- Article date:
- February 5, 2009
- Author:
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Time Warner, still saddled with troubled assets such as cable systems, print publishing and AOL, reported a net loss of $16 billion for the fourth quarter Wednesday.
That compares with a $1 billion profit in the year-earlier period.
The source of the massive hit was a $24.2 billion writedown of the value of franchise agreements belonging to Time Warner Cable (of which it owns 84%) and the decline of certain Time Inc. and AOL assets.
Revenue on the film side dropped 11% to $3.1 billion but operating profit rose 6% due to a reduced release output and a higher B.O. batting average.
The quarter's theatrical titles, such as "Gran Torino," ...