Time Warner posts boffo third quarter

Time Warner revenue hopped 11 percent to $7.1 billion last quarter powered having a rocking Warner Bros. and reflecting the finest rate of growth since the third quarter of 2007, the media giant mentioned Wednesday. Internet profit elevated to $822 million from $52 million. Studio revenue elevated 19 percent to $3.3 billion introduced with the strong theatrical performance of ''Harry Potter as well as the Deathly Hallows: Part 2'' and greater television license costs within the ''The Large Bang Theory.'' The ultimate installment in the Harry Potter franchise needed in $1.3 billion within the worldwide box office, which causes it to be the next finest grossing film ever, the business mentioned. Studio operating earnings hopped 162 percent to $524 million on greater revenue, lower film valuation changes reducing pre-release advertising expenses. The business introduced by Rob Bewkes stressed its focus on experimentation with new platforms to keep the organization vital. Lately, Warner Home Video released the initial two movies with UltraViolet-enabled digital copies, ''Horrible Bosses'' and ''Green Lantern.'' Clients can access these photos while others simply because they seriously multiple platforms through Flixster so on forward with an growing quantity of UltraViolet services. Other highlights through the quarter add a certification pact with Netflix to stream previous seasons of scripted series round the CW network or that will premiere round the network using the 2014-15 season. The CW also introduced a five-year certification agreement with Hulu the other day for your rights to stream in-season cases of its programming round the Hulu Plus subscription service and Hulu's free ad-supported service. ''Our results demonstrate the wealth of your time Warner's focus on buying and selling in great content that audiences love and leading the evolution of techniques it's shipped,'' mentioned Bewkes. . At cable systems, Turner Broadcasting and Cinemax, revenue rose 7 percent to $3.2 billion. Subscription revenue rose six percent and advertising revenue hopped 9 %. Operating earnings wound up by four percent on greater sports and entertainment programming and marketing costs. Highlights include TNT's ''Falling Skies,'' that the organization mentioned ranked as fundamental cable's finest-rated new series through the quarter. CNN viewership was up nearly fifty percent year-on-year among grownups 25-54 in prime time. Time Corporation. posting, revenue involved flat at $889 million, reflecting flat subscription revenue together with a three percent dip in advertising revenues -- partly due to the transfer of treatments for SI.com and Golf.com to Turner inside the fourth quarter of 2010. Time Corporation. operating Earnings fell twelve percent to $124 million on lower revenue and greater expenses, including elevated paper costs. Throughout the initial nine several days of 2011, Time Corporation. maintained its 21.one percent leading share of overall domestic magazine market. Furthermore, it mentioned it had repurchased $3.7 billion cost of shares year so far. Contact the number newsroom at news@variety.com