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Profit soars at Time Warner

Wednesday, November 02, 2016 - 01:07

The hit superhero film, ''Suicide Squad,'' helped drive revenue and profit higher at the media conglomerate. Fred Katayama reports.

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Time Warner posting strong results ahead of its sale to AT&T. Quarterly profit surged 42 percent. Revenue shot up at each of its three business units: Warner Brothers, Turner Broadcasting and Home Box Office. Hits like the superhero action film, "Suicide Squad," and the biographical drama, "Sully," lifted revenue at Warner. Fattening results at Turner: a ratings surge at CNN from the coverage of the presidential elections along with higher subscription and content revenue. Last month, Time Warner agreed to be bought by phone company AT&T for $85 billion. That deal is expected to close by the end of next year. Evercore ISI analyst Vijay Jayant said, "Time Warner is operating well as a standalone entity and shares are nearly reflecting this." Time Warner was bullish about its outlook, pointing to what it called "off the charts" anticipation over the J.K. Rowling film, "Fantastic Beasts and Where to Find Them." That movie hits theaters later this month. The company lifted its earnings forecast for 2016.

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Profit soars at Time Warner

Wednesday, November 02, 2016 - 01:07