Spotlight on: Time Warner Inc.
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The New York-based media and entertainment giant, burdened by heavy debt since its 1990 merger, became profitable by the end of 1992. Time Warner has whittled its debt to about $15.5 billion from a high of $17 billion. While it ended 1992 in the red, it increased its per-share earnings 60.8% over 1991. Chairman Gerald M. Levin, named to succeed the late Steven J. Ross, said that Time Warner intends to turn its non-performing assets into performing ones.
Major Properties
* Movies: “The Bodyguard,” “Falling Down,” “Sommersby.”
* Warner Music Group: Madonna, R.E.M., Eric Clapton
* Programming: HBO, Cinemax
* Publications: Time, Life, Sports Illustrated, People, Entertainment Weekly
Financial Data
* Market capitalization: $27.7 billion
* Cash: $800 million
* Long-term debt: $15.5 billion
* 1992 revenue: $13.1 billion
* 1992 profit (loss): ($542.0)
* Earnings per share: ($1.46)
* Dividend: 0.265% yield
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