Time Warner 2Q Profit Dn 34% On Cable Separation |
| Wall Street Journal - Jul 29, 2009 |
Time Warner Inc.'s (TWX) second-quarter results showed more signs of weakness in its magazine publishing and film businesses, as well as AOL, but strength at its cable networks boosted the company's bottom line performance above expectations.
The media conglomerate also showed confidence in its outlook for the rest of the year by sticking with its forecast for flat year-over-year earnings, excluding special items, despite continuing signs of economic weakness and a slumping ad market.
Time Warner Chief Executive Jeff Bewkes said the advertising markets have been "more stable lately but we aren't seeing major improvements."
His comments bolstered a growing consensus in media that ad markets are no longer worsening, although signs of a recovery are scarce. Bewkes said the outlook for the rest of the year is obscured by advertisers' hesitation to commit to deals as they wait to see how the recession unfolds.
Read Full Article from Wall Street Journal
- Posted: 2009-07-29 13:46:27
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