Time Warner beat Wall Street estimates of its third-quarter earnings, providing support for the company's strategy to remain independent by fending off Rupert Murdoch's advances last summer.
Despite a weaker performance for Warner Bros. at the box office and ratings declines at several Turner Broadcasting cable channels, Time Warner's revenue rose 3% to $6.24 billion in the July-September quarter.
"We had another quarter of strong revenue growth," Time Warner Chief Executive Jeff Bewkes told analysts on an conference call after the company reported its results Wednesday.
Subscription fees from pay-TV affiliates increased 10%.
Profit fell 18% to $967...