TIME Warner reported an 80 per cent rise in its third-quarter profits yesterday while more than doubling the proposed value of its share buyback to 12.5 billion US dollars.
The world's largest media company reported profits of $897m (£507m) for the three months to September, compared to $499m (£280m) at the same time last year.
The New York-based company said cable TV customers upgrading to premium cable TV or adding broadband or phone services helped fuel profits.
Warner Brothers film studio revenues rose six per cent following successful releases of Charlie and the Chocolate Factory and Batman Begins.
"In the fourth quarter, we'll continue to extend the competitive advantages of our cable company and our other businesses to fuel growth in 2006 and beyond," said chief executive Dick Parsons.
While Time Warner revenues rose 6.1 per cent during the quarter to 10.5bn US dollars, AOL revenues fell five per cent, as subscribers continued to desert it in droves.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article