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The
company's shares were up 1.8 percent premarket on Wednesday.
Revenue at Turner, which owns channels such as CNN, Cartoon
Network and TNT, rose 7.2 percent in the first quarter, boosted
by higher ratings for CNN ahead of the U.S. presidential
election.
"CNN continued to build on its success by more than doubling its
primetime audience in the quarter," Chief Executive Jeff Bewkes
said in a statement on Wednesday.
Subscription revenue at Turner rose 11 percent, while
advertising revenue grew 5 percent in the quarter.
Time Warner has tried to woo younger viewers by offering full
seasons of its shows for "binge-watching" to check the flow of
subscribers to online services such as Netflix and Hulu.
Revenue at HBO, home to popular shows such as "Game of Thrones",
rose 7.7 percent in the quarter.
The company's net income rose to $1.21 billion, or $1.51 per
share, in the quarter ended March 31 from $970 million, or $1.15
per share, a year earlier.
Revenue rose to $7.31 billion from $7.13 billion.
Analysts on average had expected a profit of $1.30 per share and
revenue of $7.30 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Rishika Sadam in Bengaluru; Editing by Don
Sebastian and Saumyadeb Chakrabarty)
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