Cable TV Business Helps Time Warner Post Strong Q4 Income
Time Warner's cable business helped propel the company to a 51% increase in net income in Q4 and "offset weakness in magazine publishing and movies in the three months that ended Dec. 31." Net income was $1.17B, up from $773M in the year ago period, aided by an "increase in advertising revenue and subscription fees paid by cable and satellite companies." Revenue at TV networks rose 5% to $3.67B, and an increase in the number of NBA games on Turner channels "led to higher ratings." Time Inc., which publishes SI, "continued to weigh on the company's overall results" (NYTIMES.com, 2/6).