{"id":4186,"date":"2012-05-02T00:00:00","date_gmt":"2012-05-02T00:00:00","guid":{"rendered":"http:\/\/worldscreen.com\/tvusa\/2012\/05\/02\/q1-profit-down-11-percent-at-time-warner\/"},"modified":"2012-05-02T00:00:00","modified_gmt":"2012-05-02T00:00:00","slug":"q1-profit-down-11-percent-at-time-warner","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvusa\/q1-profit-down-11-percent-at-time-warner\/","title":{"rendered":"Q1 Profit Down 11 Percent at Time Warner"},"content":{"rendered":"<p><span style=\"font-size: small\"><span style=\"font-family: Verdana\">NEW YORK: Time Warner&#8217;s first-quarter earnings were down 11 percent, due in part to a $35 million impairment charge for the cancellation of the HBO original series <em>Luck<\/em>. <\/span><\/span><\/p>\n<p><span style=\"font-size: small\"><span style=\"font-family: Verdana\">Revenue was up 4 percent to $7 billion and adjusted operating income increased 6 percent to $1.4 billion. This growth was fueled by gains at its cable networks. Cable networks revenues gained 3 percent to $3.6 billion. Adjusted operating income increased 2.8 percent at the networks, reaching $1.2 billion. Ad revenue rose 6 percent. Content revenue was down 18 percent, due in part to lower sales of HBO programming, which in the prior year included a domestic cable sale for <em>Sex and the City<\/em>.&nbsp; <\/span><\/span><\/p>\n<p><span style=\"font-size: small\"><span style=\"font-family: Verdana\">Revenues for film and TV&nbsp;entertainment increased 7 percent to $2.8 billion, due largely to a stronger theatrical slate, higher TV licensing revenues and the SVOD availability of TV shows. In the segment, adjusted operating income rose 39 percent to $215 million. <\/span><\/span><span style=\"font-size: small\"><span style=\"font-family: Verdana\"><br \/>\n<\/span><\/span><\/p>\n<p><span style=\"font-size: small\"><span style=\"font-family: Verdana\">Jeff Bewkes, <\/span><\/span><span style=\"font-size: small\"><span style=\"font-family: Verdana\">chairman and CEO, <\/span><\/span><span style=\"font-size: small\"><span style=\"font-family: Verdana\"> said: &ldquo;We&rsquo;re off to a great start to the year, and we&rsquo;re benefiting from strong momentum for our content across our businesses. In the quarter, we saw impressive viewership gains at many of Turner&rsquo;s networks, including TBS ranking as the number one network on cable among its key demographics. HBO programming is getting even stronger, with fantastic ratings for the second season of <span style=\"font-style: italic\">Game of Thrones <\/span>and great critical and popular acclaim for new series like <span style=\"font-style: italic\">Veep <\/span>and <span style=\"font-style: italic\">Girls. <\/span>Warner Bros. is having a terrific 2011-2012 TV season, with excellent performance from returning shows like <span style=\"font-style: italic\">The Big Bang Theory <\/span>and <span style=\"font-style: italic\">Two and a Half Men <\/span>as well as new breakout hits like <span style=\"font-style: italic\">2 Broke Girls <\/span>and <span style=\"font-style: italic\">Person of Interest, <\/span>which positions it extremely well for the upcoming season. And Warner Bros. plans to follow its film successes from the first quarter with highly-anticipated releases over the course of the year, including Tim Burton&rsquo;s <span style=\"font-style: italic\">Dark Shadows, <\/span>Christopher Nolan&rsquo;s <span style=\"font-style: italic\">The Dark Knight Rises, <\/span>and the first installment of Peter Jackson&rsquo;s <span style=\"font-style: italic\">The Hobbit. <\/span>Reflecting our confidence in our competitive position and growth prospects, we&rsquo;ve repurchased almost $900 million of our stock so far this year.&rdquo; <\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK: Time Warner&#8217;s first-quarter earnings were down 11 percent, due in part to a $35 million impairment charge for the cancellation of the HBO original series Luck. Revenue was up 4 percent to $7 billion and adjusted operating income increased 6 percent to $1.4 billion. This growth was fueled by gains at its cable &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-4186","post","type-post","status-publish","format-standard","","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Q1 Profit Down 11 Percent at Time Warner<\/title>\n<meta name=\"description\" content=\"Q1 Profit Down 11 Percent at Time Warner . NEW YORK, May 2: Time Warner&#039;s first-quarter earnings were down 11 percent, due in part to a $35 million impairment charge for the cancellation of the HBO original series Luck. . 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