Time Warner, the world's biggest media company, reported Wednesday healthy third quarter gains that beat Wall Street estimates. The results were driven largely by growth in broadband and digital
phone service subscriber gains, as well as a boost in online ad sales. Ad sales for America Online grew 28 percent vs. the third quarter of 2004, though subscribers actually declined 5 percent.
Despite its healthy growth, Time Warner yielded to pressure from activist investor, billionaire Carl Icahn, agreeing to "meet him halfway" in his demands for a stock buyback plan, reports
TheStreet.com.
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