Time Warner Inc. said its profit grew by 44% in the third quarter while revenue remained flat.
The media giant, whose holdings include
Time Warner's cable unit, particularly the Turner networks (
Beefing up subscription fees for the Turner networks has been a priority for Time Warner and has helped push Time Warner's stock up more than 40% in the last year.
At Warner Bros., revenue fell 7% to $2.7 billion. Although "We're the Millers" and "The Conjuring" were solid results, it paled in comparison to the same period a year ago which included "The Dark Knight Rises." The studio also got a boost from revenue generated by reruns of the sitcom "The Middle."
However, Bewkes said the studio is on pace for a record year thanks to "Gravity" and the upcoming "The Hobbit: Desolation of Smaug," which is expected to do blockbuster numbers worldwide.
Follow Joe Flint on Twitter @JBFlint.