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Time Warner Cable to book $15B charge in 4Q

Wed, 01/07/2009 - 7:30am
The Associated Press

NEW YORK (AP) – Time Warner Cable says it expects to record a $15 billion noncash pretax impairment charge on its cable franchise rights in the fourth quarter, resulting in a loss for 2008.

Time Warner Cable Inc., the nation's second-largest cable television operator, also expects to record an impairment charge of about $350 million on its investment in wireless broadband provider Clearwire Corp.

The New York-based company says it now expects to book a loss for 2008.

Analysts surveyed by Thomson Reuters forecast 2008 earnings of $1.16 per share.

Time Warner Cable made the announcement ahead of parent Time Warner Inc.'s participation in a Citigroup conference on Wednesday.

The company will release its full 2008 financial results on Feb. 4.

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