• by Wayne Friedman , February 8, 2017

Time Warner’s Turner posted solid fourth-quarter revenue growth, largely due to its subscription fee and content business, but advertising revenues sank.

Turner gained 7% to $2.8 billion during the period -- with advertising revenue sinking 2%, due to declines at its international networks resulting from unfavorable exchange rates.

U.S. network advertising was flat, with Turner’s news channels up versus lower entertainment network revenue, partly due to weaker Major League Baseball post-season games.

Operating income was up 9% to $851 million.

HBO added 6% to $1.5 billion -- with a 7% increase in subscription and content revenues. Operating income grew 9% to $429 million.

Warner Bros. grew 17% to $3.9 million as a result of higher theatrical revenues stemming from results of “Fantastic Beasts”, “Where to Find Them” and “The Accountant.” The unit also had higher TV license revenues; operating income climbed 57% to $574 million.

Overall, Time Warner revenues improved 4% to $29.3 billion, with net income sinking to $293 million from $857 million, due to the cost from debt repurchases during the period.

Results were above analysts' expectations, with the mid-day Wednesday stock market was trading virtually flat at $96.27.

Time Warner agreed in late October to be bought by AT&T in a deal valued at roughly $85 billion. President Donald Trump and other politicians have expressed concern about the deal.