Mumbai: The Board of Governors of the Academy of Television Arts and Sciences in the US has elected Bruce Rosenblum as its new chairman and CEO. Rosenblum is elected for a two-year term beginning in January 2012.

Rosenblum currently serves as Warner Bros. Television Group President and oversees the worldwide distribution of all Warner Bros. Television Group programming to all current and emerging platforms. His mandate also includes developing new business models for the evolving television landscape.

Additionally, Rosenblum was an architect of the CBS joint venture forming The CW, which he continues to oversee on behalf of Warner Bros.

Additional officers elected include:

Vice chair: outgoing Treasurer and senior supervising producer of ‘The Talk‘ Kevin Hamburger

Second Vice Chair: Frank Scherma, current Governor Commercials Peer Group, current Creative Arts Awards Show Committee vice chair, president.

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.