Time Warner Shows Mostly Solid Results
Time Warner had a mixed bag of financial results to report on Wednesday. On the one hand, profits at its cable-TV company soared as a result of its acquisition of some of the cable systems previously owned by Adelphia. At AOL, advertising revenue jumped 46 percent. On the other hand, its film division registered a 10-percent drop, as most of its features showed lukewarm results at best. The sole exception: Superman Returns, which performed strongly, especially overseas. However, Time Warner COO Jeff Bewkes said in a conference call with investors Wednesday, "I am highly confident that we will grow the earnings on the film side next year." Time Warner stock appears to have found favor among investors once again, rising 20 percent since August. At midday trading in New York today (Thursday), it stood at $19.94, off slightly from its 52-week high of $20.08 set on Oct. 26.