• Time Warner eyes buyout of Endemol

    Submitted by ITV Production on Nov 10
    indiantelevision.com Team

    MUMBAI: US media conglomerate Time Warner is believed to be looking at buying television format creator and executive producer Endemol.

    Reports indicate that it is bidding $1.4 billion for Endemol which makes and markets formats like ?Big Brother?.

    Endemol is looking to re-organise 2.8 billion euros in debt.

    However, there is also talk that Endemol might reject offers. Endemol is co-owned by Silvio Berlusconi?s Mediaset, Goldman Sachs? Capital Partners and Endemol founder John De Mol?s investment vehicle Cyrte.

    Reports add that Mediaset has joined forces with Clessidra, an Italian private equity group, to buy Endemol.

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    Time Warner
  • Time Warner Q3 revenues up 11%

    Submitted by ITV Production on Nov 05
    indiantelevision.com Team

    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.

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    Jeff Bewkes
  • EMI, Time Warner pull out of honeymoon

    Submitted by ITV Production on Oct 08
    indiantelevision.com Team

    MUMBAI: Under strong protests from European regulators, EMI Group PLC and Time Warner Inc. scrapped their $20 billion music joint venture but pledged to try and resurrect the deal later in a more agreeable form.

    On Thursday, the two companies withdrew their application to the European Commission for permission to merge their music arms, stating they wanted more time to tackle objections to the tie-up.

    European Commission (EC ) competition officials were concerned that the tie-up between EMI and Time Warner?s Warner Music subsidiary would have placed 80 per cent of Europe?s recorded music business in the hands of just four global giants.

    The companies proposed selling record labels, music catalogues and distribution networks to meet the commission?s concerns and even considered selling off Virgin Records and Chappell Music, in an effort to meet the concerns.

    The EC said that last-minute, informal concessions proposed by the companies were too late to be considered and were not enough to ease their concerns. However, the regulatory body said that it would consider a new, modified proposal if the companies submitted one.

    Setting the venture aside sparked renewed hope that America Online?s (AOL: Research, Estimates) $130 billion purchase of Time Warner (TWX: Research, Estimates) now stands a better chance of gaining the approval of the European Commission.

    The Federal Trade Commission has said it wants to see AOL and Time Warner agree to share their high-speed cable networks.
     

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    Time Warner
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