Time Warner Posts Record Profits

Time Warner employees have something to cheer about: today their company posted year-end profits higher than any other point in the company’s history.

Revenues were also up, 6 percent to $26.9 billion, which is the best growth rate since 2004.

Why?

Not from Time Inc., that’s for sure. The revenue boost came from Time Warner’s TV and film businesses.

Publishing revenues slid a bit both for the full year and for just the fourth quarter: in Q4, the publishing division’s revs sank from $1.1 billion to $1.05 billion. But because of lower restructuring costs, the division still posted a healthy profit: $171 million, or a more than doubling of Q4 2009’s profits.

The bright spot: advertising may be making a comeback. Revenues for Time Inc’s advertising segment grew 3 percent even as subscription and “other” revenues fell.