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 Time Warner profits lifted by Harry Potter magic

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Mr007
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PostSubject: Time Warner profits lifted by Harry Potter magic   Wed Nov 02, 2011 1:00 pm


Stars of Harry Potter at premiere Harry Potter and the Deathly Hallows: Part 2 made $1.3bn for Time Warner
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* Ad sales help Time Warner profit

Time Warner's third quarter net income has risen 57% from a year earlier to $822m (£514m), exceeding market predictions.

The US entertainment giant credited Harry Potter and the Deathly Hallows: Part 2 for some of its success. The film grossed $1.3bn at the box office.

Time Warner's cable division also did well, with subscriptions up by 6% and advertising sales rising 9% to $74m.

However, revenues at its publishing arm were down 1%.

Chief executive Jeff Bewkes said: "Our results demonstrate the success of Time Warner's focus on investing in great content that audiences love and leading the evolution of how it's delivered."

Time Warner's group-wide revenues for the three months to 30 September rose 11% to $7.1bn.

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