Time Warner reports Q3 earnings, income and revenue up overall
Magazine revenues down 2 percent, even with an extra week of issues in the quarter
Timd Warner reported Q3 earnings first thing this morning. The company reported flat revenue and a slight increase in operating income, due to better performance in its Networks segment.
Overall revenue came in at $6.9 billion, with adjust operating income up 8 percent to $1.7 billion.
“The biggest driver was again our Networks segment, which grew Adjusted Operating Income by double digits and posted its highest quarterly profits ever,” Time Warner CEO Jeff Bewkes said. “At Turner, TBS was the #2 ad-supported cable network in primetime across adults 18-34 and 18-49. And TNT finished the quarter as the #2 network among adults 25-54 in total day, thanks to a lineup of originals that included four of the top ten scripted shows on ad-supported cable. CNN also increased total day ratings in its key demo by 15% during the quarter, once again taking share from the competition.”
Publishing performance is separated out now, even after the American Express Publishing acquisition. Revenue for the group declined $20 million, or 2 percent, despite there being an extra week of publishing for TIME Inc. weeklies. Subscription revenue was down 4 percent, which Time Warner blamed on poor international newsstand sales.
Despite the AE acquisition, Time Warner still is mentioning that its Board of Directors had, back in March, authorized it to “proceed with plans for the complete legal and structural separation of the Publishing segment.”