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Time Warner profits fall on weak ads
Wednesday, 1st August 2012 02.06pm
Time Warner today posted a lower quarterly profit as the media company saw declines in its film and TV entertainment and publishing units, while advertising revenue for its cable networks missed some analysts' expectations.
Time Warner logged a 2 percent increase in advertising for its networks division, which includes TNT, TBS, HBO and CNN. Gabelli and Co analyst Brett Harriss said the modest gain was lighter than he expected, considering Discovery Communications Inc, which owns a stable of cable networks, on Tuesday posted a 7 percent rise in ad revenue.
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