Time Warner posted strong TV advertising and film revenue results company-wide for its second-quarter reporting period.
TV advertising gained 11% (or $129 million) in revenue for Turner Broadcasting networks. Advertising revenues came from higher pricing at Turner's domestic entertainment networks, including the NBA Playoffs on TNT, and the timing of the 2013 NCAA Division I Men's Basketball National Championship tournament (the “NCAA Tournament”).
Overall, revenue at its TV networks was up 7% (or $243 million) to $3.8 billion. There was a 4% hike (or $97 million) in subscription revenues, and a 5% ( or $13 million) gain in content revenues. Content revenues gained because of higher sales of HBO's original programming.
TNT was ad-supported cable's No. 1 network with adults 18-49 and 25-54 in prime-time in the second quarter of 2013.
Film entertainment revenues climbed 13% (or $327 million) to $2.9 billion from big theatrical releases, including “Man of Steel,” “The Hangover Part III,” and “The Great Gatsby” and gains in international television syndication and subscription video-on-demand revenues.
Print business continued to suffer. Revenues declined 3% (or $25 million) to $833 million. Advertising sank 5% (or $24 million) with subscription revenue down 7% ($19 million). During the first half of 2013, Time Inc. had a leading share of overall domestic magazine advertising with 22.2%, according to the Publishers Information Bureau.
Company-wide revenues grew 10% to $7.4 billion, with net income almost double to $771 million.