Time Warner today reported a 14.2 percent rise in net income to $971M on an 8.2 percent revenue uptick to $7.3B.
CEO Jeff Bewkes said TW had a "very strong quarter" bolstered by Turner Broadcasting cable unit and Warner Bros. film group.
He said the robust performance came as the New York media conglomerate is "investing aggressively" to position for growth, including the launch of its HBO NOW standalone streaming service.
TW ended the quarter with $3.1B in cash/cash equivalents.
Meanwhile, Time Inc., spun-off from TW a year ago, moved into the black as Q2 quarter hit $24M vs. a $32M in 2014.
Revenues fell 5.7 percent to $773M as ad sales slipped 8.9 percent to $420M
Time chief Joe Ripp said as an independent company, TI "is renewing the organization’s creativity, entrepreneurship and innovation."
In his statement, he called 2015 "a pivotal year as we launch a portfolio of growth initiatives and invest to develop new revenue streams including through key acquisitions, and continue our disciplined capital allocation strategy."
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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