New York: Swinging into the black, media
conglomerate Time Warner has reported a profit of USD 627
million in the last three months of 2009, led by good
performance of films like 'The Blind Side' and 'Sherlock
Holmes'.
The entity had incurred a loss of USD 16.03 billion
in the
same period a year ago, it said in a statement today.
Time Warner's revenues jumped to USD 7.32 billion in the
December quarter, compared to USD 7.16 billion in the year-ago
period.
In the fourth quarter, the film entertainment division,
Warner Bros, saw revenues rise 7 per cent to USD 3.3
billion.
The rise was "led by a strong theatrical release slate,
including The Blind Side and Sherlock Holmes, higher home
video revenues from the performances of Harry Potter and
the Half-Blood Prince and The Hangover...," the statement
noted.
Revenues from the Networks division ? comprising Turner
Broadcasting and HBO ? grew four per cent. The rise was
mainly on account of 11 per cent jump in subscription revenues
to USD 194 million.
Time Warner's Chairman and CEO Jeff Bewkes said the
firm's studio and networks achieved record profits, while
investing even more in programming and production.
In 2010, Bewkes said the company would continue to
leverage its brands and scale to make "the most compelling
content", improve efficiency and expand internationally, among
others.
-PTI
First Published: Wednesday, February 03, 2010, 22:55