Time Warner posted a loss of $16.03 billion, or $4.47/share, in 2008's Q4. The results were due mainly to a $24.2 billion write-down for its cable, publishing and AOL assets, reports MediaBuyerPlanner.

Prior to this, Time Warner predicted it would report an operating loss for the fourth quarter and the full year. The last time it suffered a full-year loss was in 2002: a shortfall of $98.7 billion, the largest in US history at the time.

4Q08 slipped 3%, to $12.31 billion. At AOL — which recently opted to cut 10% of its workforce revenue slid 23% to $968 million,, reflecting an 18% dip in ad sales and a 27% drop in subscription revenue.

Time Warner Cable revenue jumped 8% to $4.4 billion, but took a loss in the fourth quarter because of a $14.8 billion write-down. Time Warner Cable is expected to close in the first quarter.

At Time Warner's networks, which include HBO and Turner Broadcasting, revenue climbed 9% to $2.9 billion. At the company’s publishing division, a revenue decline of 13% was reported, led by a 20% decline in ad sales.

The company said in January that, in the fourth quarter, the economy was more challenging in terms of its advertising business than it had expected, particularly at AOL and the Time Inc. publishing units.

Time Warner earnings in 2009 are expected to be about flat with 2008, according to the company.

Time Warner’s results follow a dismal earnings report from Walt Disney Co., which reported a 32% drop in fourth-quarter profit. The Q408 results from both media companies add fuel to Wall Street’s concerns that media will likely be slow to revive in 2009, according to CNNMoney.