Nov 06

Time Warner’s Profit Tops Estimates as Programming and Ad Revenue Rise

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Time Warner, owner of cable channels TNT, CNN and HBO, reported third-quarter profit that surpassed analysts’ estimates after its TV networks benefited from higher programming fees and advertising.

Excluding some items, earnings rose to $1.01 a share in the period, the New York-based company said today in a statement. Analysts had predicted 89 cents on average, according to data compiled by Bloomberg.

Pay-TV companies such as Comcast and DirecTV are paying more to carry Time Warner programming, whether it’s “Game of Thrones” on HBO or college basketball and professional baseball games on TNT and TBS. That subscription revenue climbed 4% the quarter. Advertising grew 11%, bringing the company’s total sales from that division to $3.5 billion.

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