 |
       |
|
||||||||||||||||||||||||||||||
|
 |
|
Time Warner networks deliver decent Q3 Total revenue at Time Warner's networks division, which houses Turner and HBO, rose 5% in the third quarter to US$2.87bn – largely due to a 9% leap in subscription revenue from the latter. The rise in total revenue from US$2.73bn for the same period a year earlier included US$1.88bn in subscriptions, mainly from HBO, up from US$1.72bn in Q3 2008.  The numbers offset a 1% drop in ad revenue, down US$4m to just below US$760m due to a decline at news network CNN, and a 12% fall in content revenue from US$224m to US$197m, partly due to lower sales of HBO original programming and DVDs.Operating income at Time Warner's networks division lifted 3% to US$938m, but overall, company profit tell 38% to US$661m, dragged down by further decline at AOL, which is in the midst of being spun off as a separate operation. But the results were ahead of analysts' expectations and CEO Jeff Bewkes said that full-year earnings from Turner, Time Warner Inc and Warner Bros – the core content business the firm will contain post AOL – would be up around 23% on last year. "Time Warner is firmly on track to post solid results this year in spite of the tough economic environment," said Bewkes. "Driven by the better-than-expected performance at our content group this quarter, we're raising our 2009 business outlook. We still expect to spin off AOL by the end of the year, and we're making great progress on our other longer-term strategic priorities." Jonathan Webdale 5 Nov 2009 © C21 Media 2009 
|
|
|
|
|
|
|
