PROFIT DROP: Time Warner said Wednesday that its fourth-quarter net income dropped 12 percent, as investments in programing and other costs offset revenue growth. The media and entertainment company's adjusted profit and revenue beat Wall Street predictions.
DETAILS: Revenue rose at Time Warner's Warner Bros., Turner and HBO arms, while it was flat at the company's Time Inc. publishing division, which the company reaffirmed it plans to spin off by the end of the second quarter.
OFFSETS: The revenue gains were offset by investments in programing and other costs. Adjusted operating income fell at both Turner and HBO, while rising at Warner Bros.