Time Warner earnings jumped 14% to $971 million, or $1.16 a share in the second quarter, while revenue increased 8% to $7.35 billion.
And much of the credit goes to the popularity of new video game releases "Batman: Arkham Knight" and "Mortal Kombat X."
Thanks to those titles, video game revenue surpassed half a billion in the three months ended June 30, making
The growth of the games business helped operating income at Burbank-based Warner Bros. jump 46% to $341 million in the second quarter.
An increase in television licensing revenues from "The Big Bang Theory" and "Seinfeld" also helped the studio. Warner Bros. has 62 television programs slated for the upcoming TV season, including 29 on the broadcast networks, making it the top supplier of broadcast series again this year.
Warner Bros. didn't fare as well on the film side of the business. Theatrical revenues decreased in the second quarter, primarily due to lower world television licensing revenues of movies and a decline in home entertainment revenue compared to the same time a year ago, when the studio released "The Hobbit: The Desolation of Smaug."
Turner, the division that includes CNN,
Overall, the results easily exceeded Wall Street's forecast. Analysts polled by Thomson Financial expected earnings of $1.03 a share on revenue of $6.9 billion.
Despite the results, shares in Time Warner, which closed Tuesday at $87.65, dropped 6% in early afternoon trading Wednesday.
That follows a decline in other media stocks, including rival