Profits rise at Time Warner

10 Nov 2008

The media group Time Warner Inc has reported its financial results for the three months to the end of September, with profits of USD1.1 billion, up from USD900 million in the year-ago period, and sales stable at USD11.7 billion. The company is forecasting that full-year operating income before depreciation and amortisation (OIBDA) will grow around 5%, down from its previous estimate of between 7% and 9%. The cable TV unit Time Warner Cable saw profits jump 21% to USD301 million while revenues climbed 8% to USD4.34 billion. The country’s second largest cable operator had 13.3 million subscribers at end-September, with 214,000 net new broadband customers and 200,000 digital phone subscribers added during the quarter.

United States, Time Warner Cable (Spectrum)