Time Warner Defies Cord-Cutting Woes With Pay-TV Increase
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Time Warner, owner of the Warner Bros. studio, is showing how to survive cord-cutting, posting third-quarter earnings that beat expectations.
The entertainment giant, which is being acquired by AT&T, managed to keep pay-TV subscription revenue growing at HBO and at its Turner networks, where advertising fell, while waiting for its merger with AT&T to close.
The results are a boost for the phone giant, which is awaiting approval of the $85 billion transaction. Time Warner, which owns cable networks CNN and TNT, is fighting for ways to retain subscribers as competition grows from digital distributors like Netflix. HBO, the New York-based media group’s premium video service, was a profit driver with the return of hugely popular shows such as “Game of Thrones.”
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