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Wednesday, January 7, 2009

Cable Giant Predicts Loss For 2008

Time Warner Cable expects to see red

Austin Business Journal

Plagued by slowing customer growth and a slumping stock price, Time Warner Cable Inc. on Wednesday said it plans to book a $15 billion asset write-down in the fourth quarter.

The company, the largest cable provider in Central Texas, said the charge – tied to cable franchise rights – won’t affect its cash flow but will blemish its bottom line, leading to a loss for 2008. The value of the company’s cable franchise rights, Time Warner Cable said, is tied to its stock price, which is down about 25 percent, or more than $7, from an early August peak near $30.

Time Warner Cable’s write-down is part of $25 billion in asset impairment charges at parent Time Warner Inc. (NYSE: TWX). The parent company still owns roughly 85 percent of Time Warner Cable, though it is expected to spin out its stake this month. More...

10 comments :

Anonymous said...

Serves them right .. After the Rigas' kicked us to the ground TWC threw us under the bus... I hope they shut right down

Anonymous said...

Time Warner Cable has the power to
screw you!!!!

Anonymous said...

As an ex-Adelphia/Time Warner Cable employee,I feel totally opposite of the previous comment. I hope TWC is successful and enlarges its operations in Coudersport. (We need all the business opportunities we can get.) There are good people working at TWC in Coudy, many are friends of mine. I would not like to see any of them lose their jobs (like the current epidemic). Everyone needs to take a more positive attitude and focus on solutions. I am behind anyone who is trying to run a business in this area during these hard times. I say hang in there to all the business owners in Potter, McKean, Elk etc counties!

Anonymous said...

ditto on the above comments. whether it's commenting on local politics, the local economy, or what have you, we'd do a lot better as a county, if we looked at our community with a similar spirit.

Anonymous said...

Reality check for the two posters above. The only permanent positions in Coudersport will be related only to the Data Center and the Data Center operations. Time Warner will not expand in this area.

Anonymous said...

Austin has a business journal ??

Anonymous said...

Austin has a business at all?

Anonymous said...

Austin has a call center .. www.relocateagain.com it's a spin off to what that other dude tried running with in Coudy

Anonymous said...

What about Emperion? Redevelopment Authority Doug said that company was binging hundreds of jobs! He is clueless and the other two will do whatever he tells them.

Anonymous said...

Empereon could bring 100's of jobs if they didn't treat their workers like they were Mexican teen agers doing slave labor. It HAD potential for about the first 2 days after it opened !