1Q Net Income Drops At Time-Warner

Time Warner Inc. today reported financial results for its first quarter ended March 31, 2018.

Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a strong start to 2018 and we remain on track to meet the financial goals we laid out at the beginning of the year, as we continue to execute our strategic objectives, including investing in and delivering the most compelling content to audiences around the globe and across platforms. Turner had another successful multi-platform airing of the NCAA Division I Men’s Basketball Tournament, while CNN was the #1 news network among adults 18-34 and remained the leader in digital news.

Jeff Bewkes

Additionally, year-to-date, TNT’s The Alienist is the #1 new cable drama and TBS’s The Last O.G. is the #1 new cable comedy. Home Box Office had another standout quarter and recently had the much-anticipated return of Westworld (produced by Warner Bros.), which saw viewership of the second season premiere episode increase 13% compared to the prior season’s average.”

Mr. Bewkes continued: “Warner Bros. remained a leader in television production with top comedies like The Big Bang Theory and Young Sheldon and top unscripted series, including The Voice, The Bachelor and Ellen’s Game of Games, airing across the broadcast networks. Theatrically, Warner Bros.’ latest sci-fi epic, Ready Player One, which opened at the end of March, is off to a strong start at the global box office and is the studio’s highest grossing film ever in China. We look forward to the resolution of the legal challenge to our pending merger with AT&T and remain excited about the benefits of the merger, such as the potential to further strengthen our businesses by accelerating our innovation and increasing our ability to connect more directly with consumers.”

Time Warner reported revenue of $8 billion, a 3% increase from the year-ago quarter. Adjusted operating income fell 8% to $2 billion. The results come as Time Warner is awaiting a decision on the fate of its $85.4 billion merger with AT&T, which the Justice Department has sued to block. The trial in Washington, D.C. is heading toward a close.