Date: 19th December 2000
The surprising failure of Warner Bros.' Adam Sandler movie Little Nicky bedeviled parent Time Warner in the current quarter, the company suggested Monday. Combined with weaker-than-expected earnings for its music and cable business, the results forced the company to cut its fourth-quarter estimates and clip its forecast of growth for the year to 11 percent from its previous estimate of 12-13 percent. Shares in Time Warner plunged $9.84 -- about 12 percent -- to $62.88. Shares in AOL, which is acquiring Time Warner, dropped $5.98 -- about 14 percent -- to $42.98.
Source: Studio Briefing