Lehman Collapse Hurt Time Warner

This morning, Time Warner (TWX) announced a profit warning and asset writedown, sending its shares tumbling some 10%. Among the contributors: Lehman Brothers.

Peter Kafka at MediaMemo explains:

Other problems at Time Warner aren’t of its own making: The company says it will also take a hit of $50 million to $60 million from a “restructuring of a lease for space in the Time & Life Building, held by a lessee who recently declared bankruptcy.” That tenant, I’m told, was Lehman Brothers.

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