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: 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."

MUMBAI: Jim Walton has told US news broadcaster CNN that he will step down as of CNN Worldwide president at the end of this year. He will, however, continue in his current role until that time.

Jim?s decision has the support and respect of Turner Broadcasting CEO Phil Kent as he leads the search for Walton?s successor.

Walton?s note to staff reads: "After more than 30 years at this company and nearly 10 years as the leader of this great news organisation, I have decided to leave my role at CNN on 31 December 2012. For some time, I?ve been talking with Phil Kent about wanting to make a change, and he supports my decision. I?ve told Phil that I will cooperate with any transition timeline that he and Time Warner want to implement. Phil requested that I work out the year and be available after that if needed, which I?ve agreed to do."

"I am proud of what we have accomplished together over these last 10 years ? innovative programming, the development of great talent in front of and behind the cameras, expansion in digital and mobile, significant investment and expansion in international coverage, financial success and, most importantly, great and trusted journalism.

"CNN needs new thinking. That starts with a new leader who brings a different perspective, different experiences and a new plan, one who will build on our great foundation and will commit to seeing it through. And I?m ready for a change. I have interests to explore and I want to give myself time to do it.

The next few months will be filled with election news and other important events.

Time Warner chairman, CEO Jeff Bewkes said, "When Jim Walton assumed the presidency of CNN in 2003, it was underperforming and earnings were in serious decline. Since then, he and CNN have tripled earnings, doubled margin and delivered annual growth of 15 per cent. In his nearly 31 years of uninterrupted and distinguished service to CNN, Jim has been instrumental in growing the business into the financial powerhouse it has become, while establishing the brand as the worldwide leader for television news."

MUMBAI: US media conglomerate Time Warner?s revenue for the full-fiscal ended December has increased eight per cent to $29 billion, its highest growth rate since 2003.

Adjusted operating income rose by nine per cent to a record $5.9 billion. Adjusted EPS grew 20 per cent to $2.89.

Time Warner chairman, CEO Jeff Bewkes said, ?While investing aggressively to drive our long-term growth, we also returned $5.6 billion to our shareholders through dividends and share repurchases. For 2012, we will execute against the same strategic priorities that have driven our success in recent years: We?re investing aggressively in programming, production and marketing. We?re further accelerating our Content Everywhere initiatives. We?re expanding our presence internationally in attractive territories. And we?re maintaining our strict focus on operating and capital efficiency."

Time Warner announced an increase in dividend and a new $4 billion stock repurchase authorisation.

Revenue increase for the year reflected growth at the Networks and film segments. Adjusted operating Income rose by nine per cent to $5.9 billion, due to strong results at all of the company?s segments. Operating income increased by seven per cent to $5.8 billion. Adjusted operating income and operating income margins were each 20 per cent in 2011, the same as in 2010.

Fourth-quarter revenues increased by five per cent from the year-ago quarter to $8.2 billion, reflecting higher revenues at the film and networks segments. Adjusted operating income rose by 20 per cent to $1.7 billion, driven by strong results across the company?s segments. Adjusted operating Income margins were 21 per cent versus 18 per cent in the 2010 quarter. Operating income increased by 17 per cent to $1.7 billion in the quarter, while operating income margins were 20 per cent compared to 18 per cent in the 2010 quarter.

In the Networks segment (Turner Broadcasting and HBO) revenues for the year grew by nine per cent ($1.2 billion) to $13.7 billion, with increases of six per cent ($495 million) in subscription revenues, 12 per cent ($453 million) in ad revenues and 21 per cent ($202 million) in content revenues.

The increase in subscription revenues resulted mainly from higher domestic rates and international subscriber growth.

The growth in ad revenues was driven by strong pricing domestically, sports programming, including the NCAA Division I Men?s Basketball Championship events, and growth at Turner?s international networks, including acquisitions.
Content revenues benefited from higher sales of HBO original programming and higher licensing revenues at Turner.

Adjusted operating income increased by six per cent ($266 million) to $4.4 billion, reflecting higher revenues partly offset by increased expenses, including higher programming and marketing costs, as well as increased costs related to international growth. Programming costs grew by 12 per cent, due primarily to higher expenses for sports and original programming and international growth.

In the film segment for the year, revenues rose by nine per cent ($1 billion) to $12.6 billion, led by the strong theatrical and home entertainment performance of ?Harry Potter and the Deathly Hallows: Part 2? and the home entertainment performance of ?Harry Potter and the Deathly Hallows: Part 1?.

Revenues also benefited from a stronger videogames release slate, higher television license fees, new subscription video-on-demand agreements and the favourable effect of foreign exchange rates.

Key 2011 videogame releases included Batman: Arkham City, Mortal Kombat 9 and several Lego titles. Television license fees increased due mainly to improved worldwide syndication, which included the off-network availability of ?The Big Bang Theory?. This growth was offset in part by fewer home video releases and difficult theatrical comparisons to the prior year.

Adjusted operating income increased by 16 per cent ($174 million) to $1.3 billion, as a result of higher revenues.

Operating income increased by 14 per cent ($156 million) to $1.3 billion. In 2011, Warner Bros. grossed $4.7 billion at the worldwide box office, led by the top grossing film, ?Harry

Potter and the Deathly Hallows: Part 2?. Warner Bros. also became the first studio to exceed $4 billion in global box office for three consecutive years.

For the 2011-2012 broadcast television season, Warner Bros. has produced more than 30 scripted primetime series, making it the leading supplier of primetime programming to the broadcast networks.

MUMBAI: US media conglomerate Time Warner?s revenue for the third quarter ended 30 September has jumped 11 per cent to $7.1 billion, the highest growth rate since the third quarter of 2007.

Adjusted operating income saw a 18 per cent increase, driven by a record quarter at Warner Bros.

Time Warner chairman and CEO Jeff Bewkes said, "This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year. 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. Warner Bros. had a record-setting quarter, led by ?Harry Potter and the Deathly Hallows: Part 2?, which grossed $1.3 billion at the box office globally, ranking as the third highest grossing film ever and capping an unprecedented franchise run. Warner Bros. also has had an excellent start in the new TV season with returning series such as ?The Big Bang Theory?, ?Mike and Molly? and ?Two and a Half Men?, and new shows including ?2 Broke Girls?, ?Suburgatory? and ?Person of Interest?."

Time Warner had accelerated the pace of stock repurchases, and has repurchased $3.7 billion of its stock so far this year.

In the quarter, adjusted operating income and operating income each grew by 18 per cent to $1.6 billion, due to increases at the Filmed Entertainment segment. Adjusted operating income and operating income margins were both 23 per cent versus 21 per cent in the 2010 quarter.

As of 30 September, the company?s net debt stood at $15.3 billion, up from $12.9 billion at the end of 2010. This was mainly due to share repurchases and dividends as well as investment and acquisition spending, offset by the generation of free cash flow.

Networks (Turner Broadcasting and HBO): Revenues for this division rose by seven per cent ($204 million) to $3.2 billion, benefitting from growth of six per cent ($112 million) in subscription revenues and nine per cent ($74 million) in ad revenues. The increase in subscription revenues resulted mainly from higher domestic rates, international subscriber growth and the favorable effect of foreign exchange rates. Advertising revenues benefitted from growth at Turner?s international networks and strong pricing at domestic networks.

Adjusted Operating Income decreased by four per cent ($45 million) to $1.1 billion, as higher revenues were more than offset by increased expenses, including higher programming and marketing costs. Programming costs grew by 11 per cent primarily due to higher expenses for originals and sports programming and international growth.

Higher sports programming costs were largely due to the timing of sports events. Adjusted operating income in the prior year quarter benefited from a $58 million reserve reversal in connection with the resolution of litigation relating to the 2004 sale of the Atlanta Hawks and Thrashers sports franchises.

Film: Revenues increased by 19 per cent ($521 million) to $3.3 billion, led by the strong theatrical performance of ?Harry Potter and the Deathly Hallows: Part 2? and higher television license fees from the off-network availability of ?The Big Bang Theory?. This growth was partly offset by lower home video revenues, due to difficult comparisons to the prior year quarter?s release of ?Clash of the Titans? and fewer television availabilities for theatrical product.

Adjusted Operating Income rose by 153 per cent ($319 million) to $528 million, due mainly to higher revenues, lower film valuation adjustments and lower pre-release advertising expenses, offset partially by higher overhead costs related in part to acquisitions. Operating Income increased by 162 per cent ($324 million) to $524 million.