Time Warner posts higher fourth-quarter profit

Wed Feb 6, 2013 7:13am EST

Feb 6 (Reuters) - Time Warner Inc posted higher fourth-quarter profit on Wednesday, as growth in its cable networks offset declines in the film, TV entertainment and publishing units.

Net income for the company, which owns the CNN cable network, premium TV service HBO, People magazine and a movie studio, rose to $1.16 billion, or $1.21 a share, from $773 million, or 76 cents a share, a year ago.

Revenue fell 0.4 percent from a year earlier to $8.16 billion. Analysts were expecting $8.22 billion, according to Thomson Reuters I/B/E/S.