Time Warner Inc.: The world’s largest media...

Time Warner Inc.: The world’s largest media and entertainment company reported a first-quarter loss of $187 million as it continued to pay down the debt from the $14-billion merger of Time Inc. and Warner Communications Inc. The New York firm said the loss compared to a $217-million loss in the same period in 1989. Revenue for the period rose 8% to $2.7 billion. The results were reported as if Time had acquired Warner on Jan. 1, 1989, and therefore included results from all of Warner’s operations. Time actually completed the acquisition on Jan. 10 of this year.