Time Warner Inc.: Time Warner reported a...
From Times Wire Services
Time Warner Inc.: Time Warner reported a third-quarter loss of $62 million as massive debts incurred as part of the merger that created the media giant wiped out underlying earnings of more than $500 million.
The loss equaled $2.66 a share, an improvement from a year earlier when the New York-based entertainment company was $91 million in the red, with an earnings-per-share loss of $4.05.
Revenue for the latest period was $2.94 billion, up from $2.90 billion a year ago.
Time Warner Chairman Steven Ross said the losses masked record quarterly performances in some business areas.
“We are pleased that despite continuing softness in the world economy three of our businesses--music, cable and HBO--posted record results in the quarter,” he said.
