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Time Warner revenues, net income up in first quarter

BENGALURU: Time Warner Inc., (Time Warner) reported growth in revenue across all its segments – Turner, Home Box Office (HBO) and Warner Bros in the quarter ended 31 March 2017 (Q1-17, current quarter) as compared to the corresponding year ago quarter (y-o-y). Reported total revenue in Q1-17 was $ 7,735 million 5,8 percent more than  in Q1-16, at $7,308 million. Net Income attributable to Time Warner shareholders increased 17.3 percent y-o-y to $1,424 million in the current quarter from $1,214 million in Q1-16.

Time Warner chairman and CEO Jeff Bewkes said: “We’re off to a strong start to 2017, as we continue to benefit from the investments we’re making in the best content while also developing new revenue streams that will drive growth and meet consumer demand for great experiences built around their favorite programming and brands. Warner Bros. delighted audiences in both film and television, with global hits in Kong: Skull Island and The LEGO Batman Movie and more series across broadcast for the current season than any other studio. Turner had another successful airing of the NCAA Division I Men’s Basketball Tournament across platforms, while CNN grew its total day ratings by 21 percent among adults 25-54, and remained the leader in digital news. Together, Turner and Warner Bros. also launched our new Boomerang-branded SVOD service, adding to our growing portfolio of products that are reaching consumers directly.”

“Home Box Office shined in the quarter highlighted by our limited series Big Little Lies, which was both a critical and cultural breakout. Last Week Tonight with John Oliver is having its most-watched season to date, and we recently had the much anticipated returns of Silicon Valley and Veep. Looking ahead, we remain on track, pending completion of regulatory reviews and receipt of consents, to close our merger with AT&T Inc. before the end of 2017. We remain excited about the potential for this combination to accelerate the pace of innovation in our businesses,” Bewkes continued.

Turner

Revenues increased 6.3 percent ($182 million) to $3,088 million, due to increases of 12 percent ($175 million) in Subscription revenues and 16 percent ($29 million) in Content and other revenues, partially offset by a decline of 2 percent ($22 million) in Advertising revenues. The company says that Subscription revenues benefited from higher domestic rates and growth at Turner’s international networks, partially offset by lower domestic subscribers. Content and other revenues increased due to higher domestic licensing revenues. The decline in Advertising revenues was primarily due to lower delivery at certain domestic networks, partially offset by increases at Turner’s sports and news businesses and growth at Turner’s international networks.

Operating Income decreased 5.6 percent ($69 million) to $1,170 million. The growth in revenues was more than offset by higher expenses mainly due to increased programming costs. Programming expenses increased 17 percent primarily due to higher sports costs related to the first year of Turner’s new agreement with the NBA and higher original programming costs.

HBO

HBO revenues increased 4 percent ($62 million) to $1.6 billion, due to an increase of 5 percent ($66 million) in Subscription revenues, partially offset by a decline of 1 percent ($4 million) in Content and other revenues. Subscription revenues increased due to higher domestic rates and subscribers and international growth. The decrease in Content and other revenues was primarily due to lower home entertainment revenues, partially offset by higher licensing revenues.

Operating Income increased 22 percent ($106 million) to $583 million, reflecting the growth in revenues and lower selling, general and administrative, programming and distribution expenses says that company. Programming costs decreased 2 percent, reflecting lower original programming expenses related to a reduction in amortization resulting from using a longer estimated utilization period for original programming beginning in the second quarter of 2016, partially offset by higher acquired theatrical programming expenses.

Warner Bros

Revenues increased 8.2 percent ($256 million) to $3.4 billion, primarily due to higher television and theatrical revenues partially offset by lower videogames revenues. Television revenues increased primarily due to higher domestic licensing revenues related to certain library series. Theatrical revenues grew due to an increased number and the mix of box office releases, which included Kong: Skull Island and The LEGO Batman Movie, as well as higher home entertainment revenues primarily related to the release of Fantastic Beasts and Where to Find Them and higher carryover revenue. Videogames revenues declined due to a fewer number and the mix of releases in the current year period and lower carryover revenue.

Operating Income increased 15.1 percent ($64 million) to $488 million, due to the increase in revenues, partially offset by higher associated theatrical and television costs of revenues and print and advertising expenses.

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