Post by The Ultimate Nullifier on Aug 6, 2014 5:27:44 GMT -6
variety.com/2014/biz/news/time-warner-earnings-rise-thanks-to-hbo-1201276632/
Time Warner reported results for its second financial quarter after outmaneuvering Rupert Murdoch’s takeover play and shedding its publishing business.
Driven primarily by the continued strength of HBO, the company’s revenue grew 3% to $6.8 billion for the three months ending in June, while net income topped out at $850 million, compared with $771 million in the year-ago period.
The media conglomerate got a little leaner during the past two months, spinning off Time Inc. into a separate, stand-alone company devoted primarily to magazine properties such as Entertainment Weekly, Sports Illustrated and Fortune. As a parting gift, it sent it off into the world with $1.3 billion of debt.
That move was widely hailed by Wall Street, but did make Time Warner more vulnerable to Murdoch and 21st Century Fox’s merger overtures. On Tuesday, Fox said it was withdrawing its $80 billion, $85 per share, bid.
Analysts projected net income of $753.2 million, or 84 cents per share, and revenue of $6.9 billion.
More to come…
Time Warner reported results for its second financial quarter after outmaneuvering Rupert Murdoch’s takeover play and shedding its publishing business.
Driven primarily by the continued strength of HBO, the company’s revenue grew 3% to $6.8 billion for the three months ending in June, while net income topped out at $850 million, compared with $771 million in the year-ago period.
The media conglomerate got a little leaner during the past two months, spinning off Time Inc. into a separate, stand-alone company devoted primarily to magazine properties such as Entertainment Weekly, Sports Illustrated and Fortune. As a parting gift, it sent it off into the world with $1.3 billion of debt.
That move was widely hailed by Wall Street, but did make Time Warner more vulnerable to Murdoch and 21st Century Fox’s merger overtures. On Tuesday, Fox said it was withdrawing its $80 billion, $85 per share, bid.
Analysts projected net income of $753.2 million, or 84 cents per share, and revenue of $6.9 billion.
More to come…