Time Warner Shares Hammered (Update)

Updated from 1:08 p.m. EST

Time Warner's (TWX Quote) shares were slumping Wednesday after the media giant said it will report a loss for 2008 owing to billions of dollars in charges.

In a press release issued before the start of trading, Time Warner said it expects to take a noncash impairment charge related to goodwill and intangible assets in the fourth quarter that will total roughly $25 billion before taxes. The charge stems from the company's cable, publishing and AOL segments.

Because of the charge, Time Warner is anticipating an operating loss for 2008, reversing the operating profit of $8.9 billion in the prior year. A net loss is also likely, the company said. Previously, it had been predicting earnings from continuing operations of $1.04 to $1.07 a share. ...