Wednesday, February 8, 2017

Time Warner Reports Large Jump In Revenue

Time Warner, which is in the process of being bought by AT&T, reported on Wednesday quarterly earnings and revenue that beat Wall Street's expectations, helped by the success of blockbusters like the "Harry Potter" spinoff "Fantastic Beasts and Where To Find Them."

Shares of Time Warner were little changed in premarket trading following the news, according to CNBC.

The company posted fourth-quarter adjusted earnings of $1.25 per share on revenue of $7.89 billion.

Analysts expected Time Warner to report earnings excluding items of $1.19 per share on revenue of $7.72 billion, according to a consensus estimate from Thomson Reuters. In the previous year, Time Warner earned 98 cents a share on revenue of $7.53 billion.

"All our operating divisions increased revenue and profits while also making investments to capitalize on the growing demand for the very best video content and new ways to deliver it to audiences around the world," Chairman and CEO Jeff Bewkes said in a statement.

The company's robust results come amid a pending $85.4 billion merger between AT&T and Time Warner.

On Wednesday, Bewkes said the deal to be acquired by AT&T "will accelerate our efforts to spur innovation in the media industry and further strengthen our businesses." He said the company remains on track to close the transaction later this year.

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