Time Warner sees modest rise for Q3 earnings
| 07 November 2014
Media giant Time Warner has seen growth in revenues in the third quarter of 2014, increasing 3% to $6.2 billion.
Free cash flow reached $2.5 billion for the first nine months of 2014, and the company repurchased 69 million shares for $4.9 billion year-to-date.
"We had another good quarter, featuring solid revenue growth as well as strong growth in adjusted EPS," said chairman and CEO Jeff Bewkes. "As we discussed at our investor event last month, we've refocused the company over the past few years to aggressively pursue the huge global opportunities we see in video content. And once again, we are seeing the benefits of our increased investments in great content and storytelling."
Its Turner and HBO divisions also both grew subscription revenues 10%, which Bewkes attributed to content. HBO received 19 Primetime Emmy Awards, the most of any network for the 13th straight year, including five Emmys for newcomer True Detective.
At Turner, TNT ranked as ad-supported cable's No 1 prime time network for the second consecutive quarter, TBS was the No 2 ad-supported cable network in prime time among adults 18-49 and 25-54, and Adult Swim again shined as ad-supported cable's No 1 total day network among its key adult demos.
"Turner's extension last month of its longstanding relationship with the NBA through the 2024-25 season is another great example of investing in distinctive programming that will serve us well for years to come," Bewkes said.
Meanwhile, Warner Bros is the No 1 producer for broadcast television, including a strong slate of new shows. Season-to-date, Gotham ranked as broadcast's No 2 new show among adults 18-49, while The Flash had the most-watched telecast ever on The CW. These shows are among five series featuring DC characters that will air this season.
"Further demonstrating our continuing commitment to shareholder returns, so far this year we've returned over $5.7 billion to our shareholders in the form of share repurchases and dividends," Bewkes said.