Time Warner Revenue Waiting For Batman

Without a Harry Potter or a Hangover sequel in theaters in the second quarter, Time Warner saw its net income plummet by a third to $430 million versus $638 million during the same quarter a year ago. Revenue was down 4.1 percent to $6.74 billion. Wall Street had anticipated the decline -- and was no doubt aware that the latest Batman movie would go a long way to correcting that downturn in the current quarter. Time Warner shares were up 2 percent in midmorning trading to $38.40. In a statement, Time Warner chief Jeff Bewkes pointed to substantial growth of most of the company's cable networks. TNT, he noted, turned out to be the No. 1 network on basic cable, aided by its NBA coverage and the introduction of original series like Dallas. TBS saw ratings in the 18-49 age group rise 30 percent, helped in great measure by the success of reruns of The Big Bang Theory. HBO's viewership rose thanks to original series such as True Blood and Game of Thrones. However, analysts quickly spotted a conspicuous exception to the overall good health of the Time Warner networks. CNN, which has usually managed to show substantial revenue growth despite cratered ratings, saw its earnings -- and that of sibling network HLN -- fall precipitously, helping to explain this week's surprise announcement by its chief, Jim Walton, that he will leave the company at the end of the year.

01/08/2012


Contactmusic

Tags: Harry Potter - Batman - CNN - Dallas - No Doubt - Wall Street

Advertisement

More Harry Potter

Who Is Celestina Warbeck, The Subject Of J.K Rowling's Latest Work?

Creator of one of the biggest literary and cinematic franchises of all time, JK Rowling, has recently revealed she has written a literary profile of...

David Yates To Direct 'Harry Potter' Spin Off 'Fantastic Beasts'

Director David Yates is to reconnect with the world of Harry Potter as news was announced that he is to direct Fantastic Beasts and Where...

Daniel Radcliffe Speaks About His Feelings Towards Harry Potter

Daniel Radcliffe has spoken about his relationship with Harry Potter, the character that propelled him to stardom. The 25 year old spoke at a Q&A...

JK Rowling Releases Short Piece About Minor Harry Potter Character

Harry Potter author J.K. Rowling has penned a short story about one of the series’ very minor characters. Celestina Warbeck, who is referenced as “the...

Advertisement

Dave Legeno, Harry Potter Actor, Found Dead in California's Death Valley

Dave Legeno, the British actor who played Fenrir Greyback in three Harry Potter movies, has been found dead in a remote part of California's Death...

5 Reasons Why A New Harry Potter Film Is Unlikely

J.K. Rowling really stirred up the cauldron of excitement when she published a new Harry Potter story on Tuesday (8th July) and caused fans to...

16 Years After Voldemort's Defeat, J.K. Rowling Reveals What Harry Potter Is Like Aged 34

J.K. Rowling has released a short 1500 word story on Pottermore detailing the lives of Harry Potter and the rest of the Hogwarts gang 16...

'Fantastic Beasts and Where to Find Them' To Be Filmed in The U.K

Like all 8 Harry Potter movies – the biggest British film franchise of all time – the upcoming spin-off, ‘Fantastic Beasts and Where to Find...

Advertisement

Comments

Harry Potter Newsletter

Subscribe to this news alert service to receive news and reviews on Harry Potter

Unsubscribe | Unsubscribe All