The Time Warner media group, which among its assets boasts CNN and the Warner Bros film studios, closed the second quarter of 2013 with net profits up 87% compared to the previous year, to 771 million dollars, exceeding forecasts of analysts.
In the quarter, growth concerned 2 of the 3 sectors in which the company operates.
The TV business saw sales rise by 7%, to a record 3,8 billion, operating profit by 31%, to 1,3 billion, subscriptions by 4% and advertising revenues by 11%.
The film business also did well, with revenues and operating profit up respectively by 13%, to 2,9 billion, and by 35%, to 181 million.
On the other hand, the publishing segment slowed down, with a 3% drop in turnover, to 833 million.
The brilliant results achieved convinced Time Warner to raise its 2013 estimates on the growth of net earnings per share, from +10% to +15%.
“Our TV businesses, Turner and Hbo (the latter has garnered 108 Emmy Award nominations for its programs) have continued to shine, reflecting the success of increasing investment in programs that distinguish us and that appeal to the general public, to advertisers and affiliated networks,” said president and CEO Jeff Bewkes.
