Q1 Revenues Up 6 Percent at Time Warner

First quarter revenues at Time Warner reached $7.7 billion, a 6 percent increase, with gains reported across Turner, HBO and Warner Bros.

“We’re off to a strong start to 2017, as we continue to benefit from the investments we’re making in the best content while also developing new revenue streams that will drive growth and meet consumer demand for great experiences built around their favorite programming and brands,” said Jeffrey Bewkes, chairman and CEO. “Looking ahead, we remain on track, pending completion of regulatory reviews and receipt of consents, to close our merger with AT&T Inc. before the end of 2017. We remain excited about the potential for this combination to accelerate the pace of innovation in our businesses.”

At Turner, revenues were up 6 percent to $3.1 billion, with subscription revenues up 12 percent and content revenues up 16 percent. Subscription revenues were boosted by higher domestic rates and growth at the international networks, partially offset by lower domestic subscribers. Content and other revenues increased due to higher domestic licensing revenues. Ad revenues, however, dropped by 2 percent, primarily due to lower delivery at certain domestic networks, partially offset by increases at Turner’s sports and news businesses and growth in the international channels.

HBO’s revenues were up 4 percent to $1.6 billion, with higher subscription revenues partially offset by a decline in content and other revenues.

Revenues at Warner Bros. were $3.4 billion, an 8-percent gain thanks to higher television and theatrical revenues.

For Q1, Time Warner’s net profit rose from $1.2 billion last year to $1.4 billion.