Talks Underway To End Ecclestone Trial Puma's Q2 Beats Expectations Grizzlies Make Chris Wallace GM Twins Testing New CRedit Card App Oyo To Create Little League Figures Falcons, Comcast Renew Deal NCAA Settles Concussion Lawsuit Michele Roberts Elected NBPA Exec Dir Bucks Name McDonough CFO AECOM Formally Acquires Hunt Construction Group
SBD/August 8, 2013/FinancePrint All
Time Warner reported Q2 results yesterday, and the company's TV network revenue rose 6.8% to $3.84B, "boosted by an 11% increase in ad revenue," while operating profit rose 31% to $1.27B, according to Sharma & Chaudhuri of the WALL STREET JOURNAL. TNT "benefited from strong viewership of the NBA playoffs and original shows like 'Falling Skies.'" Turner nets also "benefitted from coverage" of the NCAA men's basketball tournament. Subscription revenue "rose at a slower pace of 4%." The company "expects to see double-digit percentage increases in affiliate fees starting next year through 2016 as it renews carriage deals." Overall, Time Warner revenue rose 10% to $7.44B. Time Warner Chair & CEO Jeff Bewkes said that he "didn't think 'a la carte' would gain traction." But he added that he "could envision a model that offers consumers smaller bundles of like networks." Bewkes said, "There would be more money for the biggest networks like ours" (WALL STREET JOURNAL, 8/8). Bewkes said that he is "confident the relationship" with the NBA, with which Turner has a deal through the '15-16 season, "will continue for 'many years to come'" (CABLEFAX DAILY, 8/8). At presstime, shares of Time Warner were trading at $63.94, up 0.2% from the close yesterday (THE DAILY).
BROADER BLACKOUT? In N.Y., Don Kaplan reports Time Warner Cable amid "its nasty contractual dispute" with CBS is now "threatening to yank a slew of other channels." A legal notice "quietly posted" by TWC in newspapers yesterday indicated the company's deals with "more than 50 channels are due to expire soon." The notice stated, "We may be required to cease carriage of one or more of these ... stations in the near future." NHL Network is among the stations. Meanwhile, sources said that TWC and CBS "have been in constant contact on the phone and by email but 'are not negotiating'" (N.Y. DAILY NEWS, 8/8).