Time Warner earnings top forecasts

Time Warner, parent of CNN, reported second-quarter earnings that topped Wall Street's forecasts.

NEW YORK (CNNMoney)

Both Time Warner and Murdoch's 21st Century Fox (FOXA) are expected to field questions about the past proposal and future takeover possibilities on their respective earnings calls with investors later Wednesday. Fox reports results after the markets close.

Time Warner (TWX) posted adjusted earnings-per-share of 98 cents, well above the consensus estimate of 84 cents.

The gains in the second quarter were led by HBO, the premium cable network, which grew revenue by 17% and adjusted operating income by 23% versus the same quarter a year earlier. The company credited an uptick in subscriptions to HBO and the licensing of some shows to Amazon (AMZN, Tech30).

Turner, the division of Time Warner that includes CNN, grew revenue by 5%, thanks largely to subscription fee growth, and adjusted operating income by 15%.

The third leg of Time Warner, the Warner Bros. studio, showed a 2% dip in revenue, which the company attributed to "softer theatrical performance in the current year quarter." But adjusted operating income increased 28% year-over-year, thanks in part to home entertainment and television.

Overall, Time Warner revenue was up 3% year-over-year, to $6.79 billion, slightly under analysts' estimates of $6.88 billion. Adjusted operating income was up 17%.

"We had another strong quarter," chief executive Jeff Bewkes said in a statement, "reflecting the strength of our businesses and our potential for continued growth as we deliver on our strategic plan to be the world's leading video content company."

Fox confirmed its $80 billion bid for Time Warner on July 16. But Time Warner said it rejected the offer, believing it can increase its value to shareholders as an independent company.

Murdoch said in a statement on Tuesday that he'd backed down, citing Time Warner's refusal "to engage with us" and "the reaction in our share price since our proposal was made," which "undervalues our stock and makes the transaction unattractive to Fox shareholders."

First Published: August 6, 2014: 8:06 AM ET

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