MUMBAI: Time Warner has signed a new employment agreement with Chairman and Chief Executive Officer Jeff Bewkes, extending his term for another five years through 2017.

Under the terms of the new agreement, Bewkes? base salary and bonus target will remain unchanged. Additionally, the agreement provides for annual long-term incentive awards that are tied directly, and solely, to future financial and shareholder returns.

"Speaking on behalf of the Board of Directors, we are very pleased that Jeff has signed on to lead Time Warner for another five years," said Time Warner Board of Directors Lead Independent Director Stephen F. Bollenbach.

"Jeff?s compensation reflects his and the Company?s strong performance since 2008, especially in delivering strong financial results in a competitive market and in the digital leadership of our businesses. The structure of his pay also takes into consideration the views of our major stockholders and expressly ties his pay to the long-term financial success of the company," he added.

Prior to being named Chairman and CEO in 2009, Bewkes was appointed as Time Warner?s President and CEO in 2008. He was President and COO from January 2006 to December 2007 and Chairman of the Entertainment and Networks group from July 2002 to December 2005. Before joining the corporate management of Time Warner, Bewkes served as Chairman and CEO of HBO from May 1995 to July 2002, and as President and COO of HBO from September 1991 to May 1995.

"It is a pleasure to work with such a dedicated Board of Directors and I appreciate their confidence in me and in the strategy we have formulated to drive the company?s growth," said Bewkes.

"With Time Warner?s exceptional management team we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we?ve expanded our reach internationally and we?ve improved the operating and the capital efficiency of the Company. I?m even more confident about what we?ll achieve over the next five years."

MUMBAI: US media conglomerate Time Warner?s net income in the third quarter was nearly flat at $838 compared with $822 million a year earlier on a fall in revenues.

Its revenues decreased by three per cent to $6.8 billion in the third quarter from a year earlier on declines at the Film and TV Entertainment and Publishing segments.

Time Warner?s adjusted operating income declined by one per cent to $1.6 billion in the third quarter.

Time Warner chairman and CEO Jeff Bewkes said, "The highlight this quarter was the strength of our Networks businesses, which delivered double digit adjusted operating income growth. This performance illustrates that our investments in content and technology are continuing to pay off.

Bewkes said the company is experiencing good momentum across most of Turner?s networks. TBS, for instance, was up 35 per cent in primetime for adults 18-49 this quarter and is now the number one network on cable this year for adults 18-34.

"At HBO, the unmatched volume of its quality original programming was underscored by the 23 Primetime Emmy awards HBO received this year - more than any other network for the eleventh consecutive year. With compelling content, technological innovations like HBO GO and support from our affiliates, the subscriber trends at HBO today are the best they?ve been in years.

"Our studio faced difficult comparisons in the third quarter, but Warner Bros. Television is having a terrific broadcast season with a successful mix of new and returning shows.

For Warner Bros.? theatrical business, the story this quarter was ?The Dark Knight Rises?, which has brought in over $1 billion at the global box office, surpassing ?The Dark Knight?. And the studio is off to a great start to the fourth quarter with the critical and audience acclaim for Argo, which we?ll follow with the highly-anticipated release next month of the first installment of ?The Hobbit?.

"Overall, I?m very confident about how we?re positioned heading into next year and beyond. Reflecting that confidence and our continued commitment to improving shareholder returns, through November 2 we?ve purchased approximately $2.3 billion of our stock this year."

In the third quarter, the Company posted Adjusted Diluted Net Income per Common Share ("Adjusted EPS") of $0.86 versus $0.79 for the year-ago quarter. Diluted Income per Common Share was $0.86 for the three months ended September 30, 2012 compared to $0.78 in the prior year quarter.

For the first nine months of 2012, cash provided by operations from continuing operations reached $2.3 billion, and free cash flow totalled $2 billion. As of September 30, 2012, Net Debt was $16.7 billion, up from $16.0 billion at the end of 2011, due to share repurchases and dividends, partially offset by the generation of Free Cash Flow.

At the networks division (Turner Broadcasting and HBO) revenues rose by four per cent 4% ($131 million) to $3.3 billion, benefitting from growth of seben per cent ($137 million) in Subscription revenues, which was partially offset by a decline of one per cent ($9 million) in ad revenues. The increase in Subscription revenues resulted mainly from higher domestic rates and, to a lesser extent, an increase in domestic subscribers at HBO and international growth. Advertising revenues benefitted from growth at Turner?s domestic entertainment networks, due principally to higher pricing, offset in part by the timing of certain sports events.

Domestic growth was more than offset by decreases at Turner?s international networks, which were due primarily to the negative effect of foreign currency exchange rates and the shutdown of Turner?s general entertainment network, Imagine, in India and TNT television operations in Turkey, which occurred in the first half of 2012.

Adjusted operating income increased by 12 per cent ($130 million) to $1.2 billion due to higher revenues. Programming expenses were essentially flat compared to the prior year?s quarter as the benefits from the shutdown of Imagine and TNT television operations in Turkey and the timing of sports events were offset by higher costs at HBO due to the timing of original programming. Operating income also increased 12% ($132 million) to $1.2 billion.

In October, Turner entered into an agreement to extend its relationship with Major League Baseball through 2021, providing Turner with television rights and expanded digital rights to both postseason and regular season games. In September, HBO received 23 Primetime Emmy Awards, the most of any network for the eleventh consecutive year, with ?Game of Thrones? receiving six awards, Game Change receiving five awards and ?Boardwalk Empire? receiving four awards. During the quarter, HBO announced that, together with Parsifal International, it plans to launch HBO Nordic, a multi-platform premium television service, in Sweden, Norway, Finland and Denmark.

In the film and TV entertainment division revenues decreased by 12 per cent ($400 million) to $2.9 billion, due mainly to difficult comparisons to the year ago period. The prior year?s quarter included revenues from the theatrical release of ?Harry Potter and the Deathly Hallows: Part 2? and television license fees from the off-network availabilities of ?The Big Bang Theory? and ?Friends?. This decline was offset in part by the global theatrical performance of ?The Dark Knight Rises? and an increase in subscription video-on-demand revenue.

Adjusted Operating Income declined by 38 per cent ($198 million) to $330 million, due mainly to lower revenues, offset partially by lower print and advertising costs due to fewer theatrical releases in the quarter. Operating income decreased by 37 per cent ($196 million) to $328 million.

For the first ten months of 2012, Warner Bros. achieved the number two spot in domestic box office share with $1.4 billion, led by the releases of ?The Dark Knight Rises?, ?Magic Mike? and ?Journey 2: The Mysterious Island?. ?The Dark Knight Rises? has surpassed $1 billion at the global box office during its theatrical run, exceeding its predecessor The Dark Knight. Warner Bros. is the leading supplier of programming to the broadcast networks, with 25 primetime series announced for the 2012-2013 season. Including cable, animated and first-run syndicated series, Warner Bros. is producing nearly 60 programmes.

MUMBAI: English movie channel Star Movies has been able to ink an output deal with Universal Studios. This would be a blow to HBO as it had the rights to air the movies from Universal Studios in India.

The new deal between Star Movies and Universal Studios will come into effect from 1 January 2013.

Star Movies has also renewed its first output deals with Walt Disney Studios and 20th Century Fox.

All these deals will give the broadcaster access to films like ?The Avengers?, ?The Twilight Saga Breaking Dawn Part 1?, ?Snow White And The Huntsman?, ?John Carter?, and ?Battle Ship?

These first output deals with the major studios will help Star Movies strengthen its position in India. "These studios are understanding the importance of the Indian market and also identifying its credentials as the driver of the category in terms of reach, market share as well as thought leadership," Star said.

For HBO, which had slipped ground due to new competition, the new realignment has not been good news. Last year, Pix had snatched from HBO the rights to air movies from the Sony library. HBO, however, still has output deals with Warner and Paramount.

MUMBAI: Cableready, the international television programme distribution and development company, has closed a series of global sales and renewal agreements which collectively exceed 315 hours of programming. The announcement was made by president, CEO Gary Lico.

He said, "As illustrated by the latest round of new deals and renewals, Cableready‘s diverse catalogue continues to attract return customers as well as forging new relationships with various broadcasters and platforms. We look to continue this momentum as we head to Mipcom."

The following sales and renewals deals have been closed by CABLEready as it prepares for the Mipcom market in Cannes, France next week:

? HBO Central Europe licensed 26 episodes of ‘Inside the Actors Studio‘, the long running interview series hosted by James Lipton, including the Brad Pitt episode.

? Multicanal (Spain) licensed six episodes of ‘Big Five Challenge‘, the African safari contestant show.

? NBCUniversal Latin America licensed 10 additional episodes of entertainment news magazine series ‘Hollywood Dailies‘.

? Turner Latin America licensed 50 episodes of movie countdown series ‘Hollywood‘s Top Ten‘.

? After a successful premiere with episode one, AETN‘s Bio (US) licensed episodes two through five of ‘Women on Death Row‘, a documentary series that offers a glimpse into the lives of woman who have committed the ultimate crime ? murder.

? Discovery‘s Destination America (US) licensed 11 titles from LMNO Productions, including ‘Secrets of Muscle Cars‘, ‘Secrets of High End Hawaii‘ and ‘World‘s Best Orlando‘.

? AETN UK has renewed season 12 of ‘Medical Detectives‘.

? Foxtel (Australia) renewed seasons one through five, as well as seasons 11 and 13 of ‘Forensic Files‘, a series that takes viewers through every step of a forensic investigations.

? MSM (Singapore) renewed 52 episodes of ‘Hollywood One on One‘, the series that gives viewers an up-close and uncensored look at the world‘s biggest films and top actors.

? Intra Communications (Russia) licensed 13 episodes of ‘The Minimalist‘, cooking series featuring New York Times food writer, culinary expert and TV personality Mark Bittman.

? SoHo Channel (New Zealand) licensed five episodes of ‘Inside the Actors Studio‘, including the Judd Apatow episode.

? Studio U7 (Russia) licensed 19 episodes of the procedural crime series ‘Medical Detectives‘.

? Hulu.com (US digital) licensed 13 titles from Alliant Content, including ‘Accident Investigator‘, ‘Billion Dollar Disasters‘, ‘Black Widow Women‘, ‘Fire and Ice‘ and ‘Gods of Destruction‘.

? Proxima Video VOD (Bulgaria) licensed five titles, including ‘Great Museums‘ and ‘It Could Happen Tomorrow‘.

 
CABLEready also licensed episodes of ‘Inside the Actors Studio‘ to several airlines. British Airways, Swiss International Airlines and Etihad Airways licensed the ‘Mad Men‘ episode, Korea Airline licensed the Colin Firth episode and Oman Air licensed the Brad Pitt episode.

MUMBAI: Fans in India of US broadcaster HBO‘s orginal show ‘Boardwalk Empire‘ will continue to see it as the broadcaster has renewed it for a fourth season.

The announcement was made by HBO Programming president Michael Lombardo.

Lombardo said, "Terry Winter, Martin Scorsese and the rest of their outstanding team continue to produce a stunning show thatnever fails to surprise and entertain. We are excited to bring this unique series back for a fourth season."

The show is set in the 1920s during Prohibition, and chronicles the life and times of Enoch "Nucky" Thompson, the undisputed leader of Atlantic City.

MUMBAI: US broadcaster HBO CEO Bill Nelson will step down at the end of the year.

Under the new management structure, Eric Kessler will serve as president, COO and Michael Lombardo will serve as president, programming, and both will report to Richard Plepler, who will become the CEO.

Time Warner chairman, CEO Jeff Bewkes said,"Bill and I have worked together for many, many years and though I?m sad to see him leave, I respect his decision to enjoy retirement. He is a world-class CEO and leaves the company well-positioned for the future. The company will not miss a step with the new team, which has the combination of talent and experience to drive HBO to new heights of creative excellence, innovation, and financial performance. Richard and Eric are twenty-plus year veterans of the company who, as Co-Presidents, helped HBO re-establish its pre-eminence over the past five years, and Mike Lombardo has done an exceptional job in developing the best slate in HBO?s history."

Nelson said, "HBO has been my home for almost 30 years so this decision was an emotional one. With my elevation to CEO more than five years ago, we set an ambitious agenda for HBO, and I?m proud to say that I feel the company has never been in better shape financially or creatively. I feel very comfortable in taking this step now because I know HBO will continue in its tradition of innovation and acclaimed programming and retain its superior position in our industry in the hands of Richard, Eric, Mike and the entire team."