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Time Inc.'s annual earnings rose 20% to...

Time Inc.'s annual earnings rose 20% to $289 million. Revenue grew 7% to $4.5 billion. For the quarter, earnings rose 15% to $58 million despite a $35-million charge for writing down the value of a satellite venture. The company, a diversified magazine publishing concern based in New York, said the results were due in part to a 21% gain in earnings of its HBO unit and lower U.S. tax rates.

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