Time Warner Inc. (NYSE: TWX), which has been reeling from declining advertising sales, said today that its results would be worse-than-expected this year.

In a statement released ahead of a presentation to analysts, the world's largest media conglomerate said it had a net loss in 2008 compared with its guidance issued in November that called for earnings of $1.04 to $1.07. Several one-time items contributed to the loss, including the write-down of a lease in the Time-Life building from a tenant that filed for bankruptcy. The write-offs total $25 billion.

"In addition to these items, the economic environment has proved somewhat more challenging than the Company previously expected, particularly for the advertising businesses at the AOL and Publishing segments, further reducing the expected growth rate in 2008 Adjusted Operating Income before Depreciation and Amortization by about one percentage point," the company said in press release.

None of this is surprising given the anemic environment for advertising. The company's magazine business is particularly vulnerable and has already experienced layoffs. Investors are still eager for Time Warner to dispose of AOL, though a deal for the parent of this blog is not likely until the economy improves. Another business that may see further cutbacks is book publishing.

Regardless, this news gave Wall Street a reason to avoid the New York-based company. Shares have rebounded a bit after trading down 10%.