Time Warner Inc. roared past Wall Street’s expectations with first-quarter profit up 17%, thanks to higher fees for its TV networks and strong theatrical results by Warner Bros.’ “The Lego Batman Movie” and “Kong: Skull Island.”
The strength of Time Warner’s programming, including its premium HBO channel, illustrates why phone company AT&T Inc. is eager to buy the New York media company. AT&T is trying to win federal approval for its planned $85.4-billion takeover of Time Warner, which was announced in October.
For the January-through-March quarter, Time Warner posted revenue of $7.7 billion, up 6% from the same quarter last year.
Net income increased 17% to $1.4...