Time Warner boosted its fourth-quarter profit by 22 percent, surpassing Wall Street’s expectations thanks in large part to strong advertising sales gains at its cable networks unit.
The media conglomerate announced its Q4 earnings rose to 68 cents per share, surpassing analysts’ projections of 62 cents. Net income rose to $769 million for the three months ended Dec. 31, up from $631 million in the prior-year period.
Consolidated revenue was up 8 percent to $7.81 billion, on overall ad sales gains of 10 percent.
The Turner Networks division, which includes TNT, TBS, truTV, CNN and the premium service HBO, increased revenue 14 percent versus the fourth quarter of 2009, to $3.35
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