Media conglomerate Time Warner reported higher
first quarter profit Wednesday as subscriptions to its pay TV service
The rise in profit came despite a slip in revenues due to declining ad sales at CNN, as well as the closing of channels in India and Turkey.
The company, which owns HBO, CNN and Warner Bros. studios, said it had generated net income of 720 million dollars in the quarter, up 24 per cent from a year earlier. Revenue was down less than 1 per cent, to 6.94 billion dollars.
CEO Jeff Bewkes credited the success of HBO drama Game of Thrones for the strong performance of the pay-TV channel, while Turner Broadcasting benefited from record viewers of college basketball.
Strong home video sales of The Hobbit: An Unexpected Journey, and Oscar winner Argo, helped make up for a decline in box-office revenues.
"We're off to a strong start in 2013, making us even more confident in our full-year outlook," Bewkes said in a statement.
He affirmed plans to spin off the company's magazine division, Time Inc., which he said would be completed by the end of the year.
Most Popular Stories
- Frightfully Fun Films Return for Halloween
- Would Soccer Be Richer Without Small Clubs?
- Pfizer Approves $11 Billion Buyback Plan
- Cloud Lifts Microsoft's Quarterly Results
- IS Funded by Black Market Oil Sales, Racketeering
- Hollywood Eager to Grasp Hispanic Market
- Jennifer Aniston, Justin Theroux Set the Date
- Weekly Jobless Claims Rise but Remain Low
- Stocks Continue Strong After Opening Surge
- Teresa Giudice Must Serve Time in Prison