Wednesday, August 2, 2017

'Wonder Woman' Helps Time Warner Smash Profit Estimates

Time Warner Inc, which is in the process of being bought by AT&T Inc, reported a much better-than-expected quarterly profit, driven by the box-office success of its latest superhero movie "Wonder Woman".

According to Reuters, revenue from the company's Warner Bros unit, which includes the movie business, rose 12.4 percent to $2.99 billion, topping analysts' average estimate of $2.90 billion, according to data and analytics firm FactSet.

"Wonder Woman", starring Israeli actress Gal Gadot, grossed about $800 million worldwide through July 31, the company said on Wednesday. Spurred by the smashing success of the movie, Warner Bros last month announced a December 2019 date for a sequel.

Revenue in the company's Turner unit, which includes CNN and sports channel TNT, rose 3.1 percent to $3.1 billion in the second quarter as higher subscription revenues more than offset declining ad revenue.

Revenue from HBO, home to hit fantasy show "Game of Thrones", rose slightly to $1.48 billion. Analysts were expecting $1.51 billion, according to FactSet.

The latest season of the show, which premiered last month, has already gained a lot of traction.

Net income attributable to Time Warner's shareholders rose to $1.06 billion, or $1.34 per share, in the second quarter ended June 30, from $952 million, or $1.20 per share, a year earlier.

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