US media giant Time Warner today reported a $16.03 billion loss in the fourth quarter and a $13.40 billion loss for all of 2008.
By contrast, Time Warner posted a $1.03 billion profit in the fourth quarter of 2007 and a $4.38 billion profit for that year.
The media group said the loss reflected the effects of a fall in value on acquired assets.
In early January, the company said it would take a writedown of $25 billion to reflect declining values at its AOL Internet unit along with cable and publishing operations.
Sales for 2008 came to $47 billion, up one per cent from 2007 after falling three per cent in the fourth quarter to $12.3 billion.
The fourth quarter sales performance was attributed to a slowdown in cinema activity and publishing as well as at its Internet subsidiary AOL.
