Q3 Gains for Time Warner

NEW YORK: Time Warner's third quarter revenues rose by 5 percent to $6.6 billion, with net profit rising to $1.03 billion, driven by gains at Warner Bros. and HBO.

That revenue growth "illustrated how our investments in great content have been paying off in our traditional television businesses, as well as in newer areas such as video games," said Jeffrey Bewkes, the company's chairman and CEO.

Highlights at Warner Bros. include the new shows Blindspot and Supergirl, and the strong performance of the studio's video games. The division's revenues rose by 15 percent to $3.2 billion, delivering an operating profit of $385 million. There were gains in video game revenues and television licensing revenues, while theatrical revenues fell.

HBO's revenues rose by 5 percent to $1.4 billion, including a 4-percent hike in subs revenues and a 13-percent growth in content and other revenues. HBO's operating income increased to $519 million.

Turner's revenues fell by 2 percent to $2.4 billion, with 1-percent reductions in advertising and subscription revenues and a 15-percent drop in content revenues. Operating income soared to $1.1 billion, with decreased programming costs and lower restructuring and severance costs.