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Time Warner reported strong fourth-quarter revenue growth with gains in its cable and movie businesses.
Box office successes such as Gravity combined with television hits such as The Big Bang Theory and The Voice, for revenue up 5 per cent to a record $8.6 billion for the quarter. For the year 2013, revenue was about $29.8 billion, up from $29.2 billion in 2012.
Those revenue numbers included Time Inc, the magazine business that Time Warner plans to spin off this year. Time Inc was the only division that recorded lower revenue, down to $3.2 billion from $3.3 billion a year earlier.
“We had another very successful year in 2013, with Turner, Home Box Office and Warner Brothers all posting record profits while also investing for future growth,” said Jeffrey L. Bewkes, Time Warner’s chief executive.