Time Warner up on movies
November 3, 2011
Time Warner’s net income was $822 million for the third quarter, a 57 per cent increase over the same quarter last year when it was $522 million. Total revenue rose 11 per cent to $7.07 billion, from $6.38 billion, which the company said represented its highest rate of growth in four years.
The July release of “Harry Potter and the Deathly Hallows: Part 2,” the highest-grossing film of the year and one of the highest on record, received much of the credit for the gains.
The television networks unit, normally the company’s biggest, reported a 7 per cent increase in revenue, to $3.2 billion. But operating income dipped 4 percent in the quarter, in part because the company spent more on new shows, on sports rights and on marketing.
The company’s smaller publishing unit, Time Inc., reported a 1 per cent decline in revenue, to $889 million.
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