Timer Warner, owner of Burbank-based Warner Bros., posts 14% profit

Media conglomerate Time Warner Inc. said Wednesday that its second-quarter profit grew 14 percent, thanks to higher revenue from its TV channel business, video games and movies such as "The Hangover Part II."

The owner of HBO, Warner Bros. and People magazine reported net income of $638 million, or 59 cents per share, in the April-June period, up from $562 million, or 49 cents per share, a year earlier.

Adjusted earnings were 60 cents per share in the latest quarter, above the 55 cents per share that analysts polled by FactSet had expected.

Revenue grew 10 percent to $7.03 billion from $6.38 billion. Analysts expected lower revenue of $6.81 billion.  L.A. TIMES

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