Time Warner is forecasting only 7%-9% EBITDA growth for 2008, versus the 17% growth in 2007 and the company’s usual “double-digit” growth targets.
The company also puts 2008 free cash flow at $3.6 billion or better–a sharp decline from 2007’s $5 billion and 2006’s $4.7 billion. The year-over-year drop is the result of a boost in TWX’s tax rate to “full taxpayer” status. Google’s free cash flow has now exceeded Time Warner’s.
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