Time Warner Profits Will Grow, May Sever Ties With AOL
Today, Time Warner announced that it anticipates its profit growth to match or exceed Wall Street’s expectations. This comes after the reporting increased quarterly earnings from broadband, phone subscribers and sales of popular home videos including “300” and “Harry Potter,” according to Reuters.
Shares of the company which have decreased by as much as 36% since 2007 rose over 2% in morning trading.
Profit growth is much lower than the 17% rise last year, which is due in large part to the acquisition of Adelphia cable systems. Excluding gains from this deal, the growth in 2007 would have been 8%.
Jeffery Bewkes, the new CEO, is anticipated to speak out about plans to “spin off” the firm’s ownership of Time Warner Cable.
Pressure has been mounting on Time Warner to take action with AOL. This pressure has increased significantly since the Microsoft bid for Yahoo.
Bewkes stated “Looking ahead, we’ve identified key initiatives that will enable us to deliver strong business results long into the future while increasing our returns to our shareholders. We’ll aggressively control costs … We’ll make sure that Time Warner has the right businesses in the right structure…In change lies opportunity.”
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