Harry Potter magics Time Warner to a $773M Q4 profit
Michelle Clancy ©RapidTVNews | 09-02-2012
Growing cable advertising revenue and a Harry Potter-led strong box office showing pushed Time Warner to a Q4 2011 net income of $773 million and $2.89 billion for the year, up from $769 million one year ago.
Revenue was up 5% during the fourth quarter and 8% for the full year; $8.2 billion and $29 billion, respectively.
“For 2012, we will execute against the same strategic priorities that have driven our success in recent years: We’re investing aggressively in programming, production and marketing,” said Time Warner CEO Jeff Bewkes. “And we’re maintaining our strict focus on operating and capital efficiency.”
Harry Potter and the Deathly Hallows: Part 2 helped Warner Bros. gross $4.7 billion, while shows like 2 Broke Girls and The Big Bang Theory helped out on the TV side.
The company's cable nets, including HBO, CNN and TNT, has international subscriber growth and growing political advertising revenue to thank for a 5% revenue uptick. Bewkes noted that TV Everywhere initiatives like HBO GO look to be successful, and he hopes to see it extended to more platforms in 2012.
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