Time Warner Inc. Has Quarterly Loss of $222 Million
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NEW YORK — Time Warner Inc. today reported a fourth-quarter loss of $222 million, contrasted with net income of $56 million, or 97 cents a share, in the last quarter of 1988.
The publishing giant said the loss reflected the Aug. 1, 1989, acquisition of Warner Communications Inc. and interest payments on the leveraged buyout.
The acquisition boosted the company’s fourth-quarter revenues to $3.09 billion, contrasted with $1.2 billion in the fourth quarter of 1988.
For fiscal 1989, the company reported a loss of $256 million, also reflecting the Warner acquisition, contrasted with net income of $282 million, or $4.88 a share, in the previous year. Revenues for 1989 were $7.64 billion, contrasted with $4.5 billion in 1988.
Time Warner is the world’s largest media and entertainment company and owns a number of magazines with international circulation, including Time, Sports Illustrated, People and Fortune.
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