• by Wayne Friedman , November 2, 2016

Time Warner’s Turner modest advertising results came in about expected for its fiscal third quarter. Ad revenues were up 2% to $996 million. Affiliate fees grew better-than-expected -- 12.4% higher to $1.5 billion.

While overall third-quarter ratings were down for Turner networks -- anywhere from 5% to 12% -- CNN, because of the big election-year interest, continued to soar, up 54% over the same period a year ago. CNN improved 73% among 18-49 viewers.

Total Turner revenue -- affiliate fees, advertising, content revenue -- up 9% to $2.6 billion.

Sister company HBO climbed 4.3% in overall revenues to $1.4 billion. The premium cable network group revenue growth from subscription fees slowed down a bit to 5.2% from 6.1% in the second quarter, in part, says one analyst, due to the end of another season of  “Game of Thrones.”                      

Still, Todd Juenger, media analyst for Bernstein Research, says: “Bigger acceleration in HBO sub revenue is still expected to be mostly realized in 2017, from a new cycle of traditional distribution renewals which begins end of 2016.” 

Revenue from Warner Bros filmed entertainment was 6.6% higher to $3.4 billion, due to good results from theatrical movies: “Suicide Squad,” “The Legend of Tarzan,” “Sully” and “Lights Out.” Video games revenues declined.

Total Time Warner revenue was up 9.2% to $7.2 billion. Net income grew 40% to $1.4 billion.

Last week, Time Warner agreed to merge with AT&T in a proposed $85.4 billion cash and stock deal.