(AP) NEW YORK - Time Warner (TWX) said Wednesday that its net income fell 33 percent in the second quarter as its Warner Bros. movie studio had weaker releases compared with a year ago. The blockbuster Batman movie "The Dark Knight Rises" didn't open in theaters until the quarter ended. In the second quarter last year, Time Warner Inc. had "The Hangover Part II" in theaters and the next-to-last Harry Potter movie on home video. Net income was $430 million, or 44 cents per share, compared with $638 million, or 59 cents per share, a year earlier. Revenue fell 4 percent to $6.7 billion. That's slightly below analysts' expectations of $6.95 billion, according to FactSet. Adjusted for one-time items, earnings were a penny above expectations at 59 cents per share. Revenue from Time Warner's television networks grew 4 percent to $3.6 billion, in part from higher rates paid by cable and satellite TV companies to carry CNN, TBS and other channels. Time Warner also saw growth in HBO subscribers … [Read more...] about Time Warner income down, but beats estimates
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Display advertising helped fuel the quarter's results even as the company's subscriber base dwindled, as did search revenue. AOL, which runs dozens of Web sites and a shrinking dial-up Internet access business, officially split off from media conglomerate Time Warner Inc. on Dec. 10. That ended a disastrous corporate union that began when AOL then known as America Online acquired the media conglomerate at the height of the dot-com boom in 2001. On Wednesday, Chairman and CEO Tim Armstrong said AOL is now a "leaner and more nimble organization,' having laid off more than a third of its staff as it prepared to separate from Time Warner. Armstrong told analysts in a conference call AOL may "experience a dampening of momentum' over the short term. But, he added, the company is "not focused on quarter-over-quarter results,' but on how AOL becomes a "valuable property on the Internet." "AOL is not a quarterly project,' he said. Plans for 2010 include growing advertising, as well as the scale … [Read more...] about CBS News Logo Freed from Time Warner, AOL Posts a Profit
NEW YORK Time Warner is reporting a 51 percent increase in fourth-quarter earnings even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at its movie studio and magazine businesses. Net income was $1.17 billion, or $1.21 a share, for the final three months of 2012. That's up from $773 million, or 76 cents a share, a year earlier. Adjusted for one-time items, earnings came to $1.17 per share. That beat the $1.10 per share that analysts expected. Revenue was almost steady at $8.16 billion. Analysts surveyed by FactSet expected revenue of $8.22 billion. The company expects 2013 adjusted earnings to be up in the low double-digit percentage. Time Warner Inc. is raising its quarterly dividend by 11 percent to 28.75 cents per share. … [Read more...] about Time Warner profit soars, sales flat
NEW YORK Time Warner has named one of its former executives as the new CEO of its magazine spinoff. The New York company said Monday that Joseph Ripp will serve as CEO of Time Inc. Ripp is currently CEO of business information services company OneSource Information Services. He spent almost 20 years with Time and Time Warner, including serving as Time Warner's chief financial officer. Ripp will succeed Time CEO Laura Lang, who told Time Warner she didn't want to continue in the position after the spinoff. Time Warner to spin off Time and Life Time Warner Inc. announced in March that it was spinning off its magazine unit, which includes Sports Illustrated, People and Time magazine, into a separate, publicly traded company. The spinoff is expected to occur before year's end. This leaves Time Warner to concentrate on its TV networks such as TNT, HBO and CNN, as well as its Warner Bros. studio, which produces movies and TV shows. Time got its start in 1922 when Henry Luce and Briton … [Read more...] about Time Warner names former exec as CEO of spinoff
NEW YORK - Time Warner Inc. (TWX) said Monday that it completed the spinoff of magazine publisher Time Inc. into a separate, publicly traded company, as it focuses on its other media properties. As part of the spinoff, Time Warner shareholders were given one share of Time for every eight Time Warner shares they owned as of May 23. Time Inc. publishes People, Time and Sports Illustrated magazines, among other titles, and had been a cornerstone of Time Warner. New York-based Time Warner owns cable TV channel HBO and Warner Bros. studios. Shedding the publishing arm should help the company focus on being a video content company, Time Warner CEO and Chairman Jeff Bewkes said in a statement. Shares of Time Warner rose 68 cents to $68.82 in morning trading Monday. Shares of Time Inc., which had been trading on a when-issued basis under the symbol "TIME" on the New York Stock Exchange, dropped $1.01, or 4.3 percent, to $22.47 in morning trading Monday. … [Read more...] about Time Warner completes spinoff of Time Inc.