Yahoo Finance Blockbuster TV show buoys Time Warner’s first quarter revenues
GAME of Thrones has helped boost Time Warner’s quarterly results, with the media group, which owns pay-TV channel HBO, reporting a nine per cent jump in revenues.
Time Warner – which is in the process of spinning off its publishing unit Time Inc that publishes People, Sports Illustrated and Time magazine – saw revenues rise to $7.55bn (£4.47bn) in the first quarter to 31 March, up from $6.94bn last year.
“We are off to a very strong start in 2014, with results that demonstrate both the returns we can achieve on our investments in great storytelling and the growth potential of our businesses,” said chairman and chief executive Jeff Bewkes yesterday.
“The Season 4 premiere of Game of Thrones on 6 April drew HBO’s largest audience since the Sopranos finale in 2007.”
Income from Time’s continuing operations rose to $1.29bn, from $754m during the same period last year. Time Warner’s shares closed up 2.66 per cent at $66.46 in New York following the announcement yesterday.
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