NEW YORK – Time Warner reported financial results for its second quarter ended June 30, 2017. Revenues grew 5% to $7.3 billion due to increases at all operating divisions and was boosted by box office hit Wonder Woman.
Net income for Time Warner was $1.06 billion in the quarter and the company says its planned merger with AT&T is on track for later this year.
Chairman and Chief Executive Officer Jeff Bewkes said: “We’re very pleased with our first-half results, which keep us on track to achieve our objectives for the year. Our performance is a result of the continued successful execution of our strategic objectives – with the strong Subscription revenue growth at Home Box Office and Turner a great example of this – along with the investments we’re making in our brands and high-quality video content. Warner Bros. is home to the biggest cinematic hit of the summer so far with Wonder Woman, which has grossed approximately $800 million at the global box office to date, and dazzled audiences again last month with the critically acclaimed Dunkirk. Heading into the 2017-2018 television season, Warner Bros. is the leading supplier of primetime series to the broadcast networks for the ninth straight season. In ad-supported cable, Turner was once again home to three of the top five networks among adults 18-49 in primetime, with TNT and TBS leading the way in the #1 and #2 spots. CNN also continued to distinguish itself, posting its most-watched second quarter ever. And last month, Game of Thrones returned to HBO, with the most-watched season premiere episode ever on HBO.”
Mr. Bewkes continued: “The creative excellence across the company was also on display as Time Warner garnered more than 150 Primetime Emmy nominations. HBO once again received more nominations than any other network, and HBO’s Westworld, which is produced by Warner Bros., received the most nominations of any show.”