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TIME WARNER SEES JUMP IN PROFIT IN FIRST QUARTER

April 30, 2014 by · Leave a Comment 

As it prepares to spin off its last non-entertainment enterprise, Time Inc., Time Warner today (Wednesday) issued outstanding results for its first quarter showing a 71-percent surge in profit. Net income rose to $1.29 billion from $754 million during the same quarter a year ago, thanks largely to the success of The Lego Movie and 300: Rise of an Empire, the company said. The company ticked off a series of successes: a 40-percent rise in profits at its Warner Bros. studio; a 6-percent rise in net income at Turner Broadcasting; an 11-percent boost at HBO. Time Warner has been retreating from the days when media conglomerates seemed to be expanding exponentially, seeking synergistic relationship with non-core companies. It has already spun off AOL and Time Warner Cable, and it has indicated that it expects to cut loose Time Inc. during the current quarter.