Turner, HBO Lead Time Warner Results

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Cable networks led the way again for Time Warner, reporting second-quarter earnings Wednesday before the market opened. The performance, however, wasn't strong enough to offset declines in publishing, AOL and the filmed entertainment segment as consumers and advertisers continued to cut back.
The company's networks unit, comprising Turner Entertainment and HBO, recorded operating income of $875 million, up 17% for the period ended June 30. Adjusted operating income rose 14%, to $981 million, excluding one-off items such as write-downs, gains and losses on asset sales and securities litigation.
Network revenue rose 5%, to $3 billion, with an 8% growth in subscription revenue and a 3% decrease in advertising revenue.
Time Warner's net income was $519 million for the period, down from $792 million in the same quarter last year. The New York-based media giant also reported a 2% dip in operating income, to $1.2 billion and a 9% slide in revenue, to $6.8 billion.

For more check out B&C's story here.