Time Warner’s Q2 Mixed; Turner Nets Offset AOL, Mags

The second quarter of 2008 proved to be a mixed bag for Time Warner, as the media conglomerate enjoyed solid growth at its TV and movie units, while continuing to feel the burn at AOL and Time Inc.

Time Warner posted consolidated net income of $792 million on the quarter, a 26 percent drop-off from the year-ago period, when it reported a take of $1.07 billion. Revenue increased 5 percent to $11.56 billion, up from $10.98 billion.

Buoyed by a particularly strong performance from the Turner Entertainment networks, Time Warner