Time Warner picks up
Time Warner reported higher third quarter revenue, driven by strength in its networks segment, but net income fell as the company bought back some of its debt. Net income was $522 million down from $662 million. Adjusted operating income rose 5 per cent to $1.4 billion. Revenues rose 2 per cent to $6.4 billion.
“Our strategy of focusing on high-quality branded content continues to pay off. Our networks businesses delivered robust growth in advertising and subscription revenues in the quarter,” said Jeff Bewkes, chairman and CEO of Time Warner.
At Time Warner’s networks group, which includes Turner and HBO, operating income rose 23 per cent to $1.14 billion from $924 million as revenues rose 9 per cent to $3 billion from $2.76 billion. Ad revenues rose10 per cent and subscription revenues grew 9 per cent. Programming costs increased 5 per cent due largely to higher original programming expenses, the company said.