Time Warner reported lower fourth-quarter earnings as the company grew its revenue but incurred expenses paying off debt as it prepared to be acquired by AT&T.
Net income for the fourth quarter was $293 million, or 37 cents a share, compared with $857 million, or $1.06 a share, a year ago.
The company said the decline in earnings per share reflects premiums paid and costs incurred with repurchasing debt. Adjusted EPS was $1.25 for the quarter, up from $1.06. Operating income rose 22% to $1.69 billion.
Revenue rose 11% to $7.9 billion in the quarter.
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