The company, which owns CNN cable network and Time magazine, also lowered its fourth quarter outlook for adjusted operating income before depreciation and amortization (OIBDA), due to charges of nearly $400 million, which will be recorded during the quarter.

The company expects its 2008 adjusted OIBDA, a measurement of cash flow the company prefers, will rise by about 1 percent from $12.9 billion in 2007. It had previously forecast it would grow by 5 percent.

(Reporting by Yinka Adegoke; Editing by Derek Caney)