COMPANY TOWN ANNEX

Turner Profit Falls: The Atlanta-based media company said the 48% drop was the result of weak results at its Castle Rock Entertainment film unit. Net income fell to $11.3 million, or 4 cents a share, from $21.7 million, or 8 cents, in the year-earlier period. Revenue at the owner of Cable News Network rose 13%, to $900 million from $798 million. Turner Broadcasting System Inc. said it had about $6 million of expenses in the quarter related to its proposed acquisition by Time Warner Inc. Time Warner in September agreed to acquire Turner for $7.5 billion. Turner said the poor domestic and international theatrical box-office revenue resulted in write-offs of about $28 million. Castle Rock, which released “Striptease” and “Lone Star” during the second quarter, said operating profit at its entertainment units fell 36%, to $29 million from $45 million.