Harry Potter Finale Lifts Time Warner
Time Warner's earnings for the third quarter came in ahead of analysts' predictions today (Wednesday), thanks mainly to the magic of Harry Potter. The company's Warner Bros. unit reported its best quarter in history with profit up an extraordinary 153 percent, much of it coming from ticket sales for Harry Potter and the Deathly Hallows Part 3 , which grossed $1.33 billion worldwide. In a statement, Time Warner Chairman and CEO Jeff Bewkes said, "This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year. Our results demonstrate the success of Time Warner's focus on investing in great content that audiences love and leading the Evolution of how it's delivered." The company also reported solid results from its cable channels, which include TNT, TBS, HBO and Cartoon Network. Sales rose 6.8 percent to $3.2 billion, accounting for 68 percent of operating income. However, sales at Time Inc., its magazine publishing business, declined 1.3 percent.