Time Warner reports 5% increase in revenue in Q4, CEO says Time Inc. separation remains ‘on track’
Time Warner reported year end earnings and revenue this morning, showing strong revenue growth thanks to all segments outside of magazine publishing. Revenue was up 5.5 percent for the combined units of Turner, Home Box Office and Warner Bros., with Time Inc. showing a very slight dip in Q4 revenue.
“We had another very successful year in 2013, with Turner, Home Box Office and Warner Bros. all posting record profits while also investing for future growth,” Time Warner’s Chairman and Chief Executive Officer Jeff Bewkes said.
Time Warner’s earnings report take pains to separate out Time Inc. in preparation for the spin off.
“We also remain on track for the separation of Time Inc. into an independent publicly-traded company during the second quarter of 2014. And our plans to consolidate our New York City area operations into a single new location reflect our unrelenting focus on increased efficiency and collaboration.”
Yesterday reports stated that Time Inc. would eliminate about 500 jobs at the publishing arm.
“We can continue the recent pattern of annual layoffs for years to come or we can get ahead of and then reverse this trend by developing the investment capital and the ideas to restore our business,” Joseph A. Ripp, Time Inc.’s chief executive, wrote in a memo to staff.