Hit TV Shows and Movies Help Time Warner Offset Losses
May 2, 2012 By
Hit sitcoms like “2 Broke Girls” and “Big Bang Theory” helped offset losses at Time Warner’s magazine division and costs related to early cancellation of the pricey horse-racing drama “Luck” on HBO.
In the three-month period that ended April 27, net income at Time Warner fell 11 percent to $581 million compared with $681 million in the same period a year ago. Both periods amounted to 59 cents a share, since the company had fewer shares outstanding in its most recent quarter. Operating income fell 2 percent to $1.2 billion, while adjusted income rose 6 percent, to $1.4 billion, beating media analysts’ expectations.
The cancellation of “Luck,” one of HBO’s most anticipated and costly dramas, cost Time Warner $35 million. The company also had a $52 million charge for shuttering one of its Indian networks.
Revenue grew 4 percent from a year earlier to $7 billion, due mostly to gains at
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