HBO delivers for Time Warner in fiscal 2014
DetailsEditor | 12 February 2015
A strong performance from HBO, thanks in the main to the mega-popular Game of Thrones and True Detective, was a key driver in a strong fiscal 2014, revenue-wise at least, for Time Warner.
For the full year ended 31 December 2014, the company reported revenues increased 3% year-on-year to $27.4 billion, taking it to adjusted operating income of $5.8 billion. Yet this marked a decline of 6% from 2013 primarily due to charges at Turner related to its decision to no longer air certain programming and restructuring and severance charges across all segments. Operating Income fell 5% from its 2013 position to $6.0 billion.
Yet despite the mixed messages, Time Warner chairman and chief executive officer Jeff Bewkes described the 2014 financial year as "very successful", noting that it was the company's sixth consecutive year of at least high teens adjusted EPS growth and that he was in charge of the world's leading video content company.
He said: "We had another very successful year in 2014 ... For the year, three of Turner's networks – TBS, TNT and Adult Swim – ranked among ad-supported cable's top ten networks in prime time among adults 18-49. TNT was home to six of the top 15 original series on ad-supported cable in 2014, more than any other network, including the three most watched new series, The Last Ship, The Librarians, and Murder in the First. CNN strengthened its programming and in 2014 had an average total day monthly reach of almost 77 million total viewers, the highest of any cable news network.
HBO also had another outstanding year, airing its most-watched original series ever – Game of Thrones – and its most-watched freshman series, True Detective ... Last year we also returned $6.6 billion to shareholders through share repurchases and dividends. We're committed to building on our strong record of providing direct returns to shareholders."