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Shares of the company, which also raised its
adjusted profit growth forecast for 2014, rose 3 percent in
premarket trading.
Revenue from Turner Broadcasting, the operator of channels such
as CNN, TBS and TNT, rose 4.6 percent in the third quarter,
mainly due to price increases in the United States.
The unit accounted for more than one-third of the company's
total revenue.
Revenue from its Home Box Office unit, which runs the successful
crime show "True Detective", rose 10 percent and accounted for
about 21 percent of Time Warner's total revenue.
Time Warner said last month that HBO would launch a standalone
online streaming service next year to make hit shows such as
"Game of Thrones" available to people who do not subscribe to
cable television.
The company, which rebuffed a takeover offer from Rupert
Murdoch's Twenty-First Century Fox in August, raised its
percentage growth forecast for full-year adjusted profit to high
teens from low teens.
Time Warner based its forecast on 2013 adjusted earnings of
$3.51 per share.
Analysts on average are expecting a profit of $4.01 per share
for 2014, according to Thomson Reuters I/B/E/S.
Net income attributable to common shareholders fell to $967
million, or $1.11 per share, in the third quarter ended Sept. 30
from $1.18 billion, or $1.26 per share, a year earlier.
Excluding items, the company earned $1.22 per share.
Total revenue rose 3.3 percent to $6.24 billion.
Analysts on average had expected a profit of 94 cents per share
and revenue of $6.16 billion.
Time Warner's shares closed at $74.97 on the New York Stock
Exchange on Tuesday.
(Reporting by Abhirup Roy in Bangalore; Editing by Sriraj
Kalluvila and Kirti Pandey)
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