Time Warner Inc. expects to have a fourth-quarter $25 billion impairment charge for its cable, publishing and AOL units, the company said on Wednesday.
Due to the charges Time Warner also forecasts a full-year loss. It previously expected a profit between $1.04 and $1.07 per share.
It also foresees an approximately $350 million impairment charge on its investment in Clearwire Corp. which is building a high-speed wireless network.
Time Warner Inc. shares dropped 7.74 percent or 0.84 cents to $10.13 a share in morning trade in the New York stock Exchange Wednesday.
Click here to see Time Warner's revised 2008 outlook