Time Warner Cable Inc. said today that it expects to record a pretax charge of about $15 billion and a loss for last year.
The second-biggest U.S. cable operator wrote down the value of its investment in Clearwire Corp. by $350 million. Chipmaker Intel Corp. today wrote down its stake in Clearwire, which is building a wireless mobile-phone and Internet network, by $950 million. Intel also reported fourth-quarter sales that trailed forecasts.
Time Warner Cable CEO Glenn Britt said in December that customer growth had slowed “dramatically” and demand for premium services continued to decline. In November, the company cut its 2008 sales forecast, citing slower subscriber growth and less revenue from pay-per-view services, premium channels and digital-video recording rentals.