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The Morning BRIDGE - January 7, 2009
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Other articles from the 01/07/2009 issue: |
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TWC Details 4Q Impairment Charges
1/6/2009 @ 2:34 PM
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This morning, Time Warner Cable announced that it expects to incur non-cash impairment charges for the fourth quarter.
Specifically, the MSO giant said it's planning to report a fourth quarter non-cash pretax impairment charge on its cable franchise rights that amounts to $15 billion. Also, Time Warner Cable said it expects to incur a pretax impairment charge of about $350 million tied to its investment in Clearwire.
In a statement, the company said the fair values of its cable franchise rights in many of its regions approximated their carrying values. Time Warner Cable further stated that any additional declines in value would likely result in cable franchise rights impairment charges.
As a result of the charges, Time Warner Cable said it expects to incur a net loss and a loss per diluted share for 2008.
Time Warner Cable said it intends to finalize its impairment effort prior to the release of its 2008 financial results on Feb. 4.
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