Warner Bros. revenue up 9% on ‘Harry Potter’ DVD release
Time Warner Chief Executive Jeff Bewkes touted his company’s digital initiatives for television and film while also promising to invest more in content in 2012 as the media conglomerate reported improved results for the final quarter of 2011, slightly beating analysts’ estimates.
Revenue for the New York-based company was up 5% during the fourth quarter and 8% for the full year to $8.2 billion and $29 billion, respectively. Net income rose a fraction of a percent to $769 million for the quarter and $2.89 billion for the year.
In the company’s networks business, which includes TNT, TBS and HBO, revenue grew 5% in the fourth quarter to $3.5 billion as both advertising and cable subscription fees increased. TV networks continued to be Time Warner’s most profitable business, with operating income up 26% to $1.14 billion for the fourth quarter.
Movie studio Warner Bros.saw a 9% jump in revenue to $3.9 billion due in large part to the DVD launch of the final “Harry Potter” movie, “Harry Potter and the Deathly Hallows -- Part 2” and the success of the video game Batman: Arkham City. The film unit’s operating income was flat at $427 million.
-- Ben Fritz, Los Angeles Times
Photo: A scene from “Harry Potter and the Deathly Hallows -- Part 2.” Credit: Warner Bros.