'Harry Potter' waves financial wand for Warner Bros.

Time Warner's third-quarter earnings grew sharply, surpassing Wall Street expectations on Wednesday with a little help from Harry Potter and some hit network shows.

July's "Harry Potter and the Deathly Hallows: Part 2" has made $1.3 billion in ticket revenues worldwide so far. The home video release on Nov. 11 will likely be one of the biggest of the year.

"This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year," said Chairman and CEO Jeff Bewkes. "Our results demonstrate the success of Time Warner's focus on investing in great content that audiences love and leading the evolution of how it's delivered."

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Photo: Emma Watson, Rupert Grint and Daniel Radcliffe in a scene from "Harry Potter and the Deathly Hallows -- Part 2," the final film in the franchise. Credit: Jaap Buitendijk / Warner Bros.

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