New World Entertainment Ltd.: The Los Angeles-based...

New World Entertainment Ltd.: The Los Angeles-based entertainment firm posted a fourth-quarter loss of $21.5 million, including a $25.7-million loss from continuing operations. The quarterly loss compared to a loss of $21 million for the year-ago quarter. Revenue plunged to $59 million from $119 million a year ago. For 1988, the firm reported a net loss of $4.7 million, compared to a 1987 loss of $18.5 million. Revenue decreased 13% to $279 million. The firm said the results were due in part to a limited number of theatrical releases, a reduction of domestic television deliveries because of the effect of the Writers Guild of America strike and an increase in legal expenses.