Time Warner profits get film and TV boost
- 7 August 2013
- From the section Business
Time Warner has seen its second-quarter profit jump by 87%, helped by a strong performance at its film and TV arms.
The US giant is the owner of famous brands such as TV networks HBO and CNN and movie company Warner Brothers.
Releases such as The Great Gatsby and Man of Steel boosted revenue in the film unit and basketball games drove up cable TV advertising by 11%.
Quarterly profits were $711m (£460m), up from $413m a year ago. The firm also lifted its full-year profit outlook.
Meanwhile, revenue rose by some 10% to $7.44bn from $6.74bn, ahead of analysts forecasts of $7.11bn.
Chairman and chief Jeff Bewkes said investment in quality programming had helped to draw in viewers and advertisers.
HBO viewership remained strong, helped by its popular Game of Thrones series, Mr Bewkes added.