LOS ANGELES: Time Warner Inc. reported higher-than-expected quarterly profit on Wednesday as revenue from box office hit “Wonder Woman” helped offset declining ad revenue.
The media conglomerate, which is in the process of being bought by AT&T Inc. for about $85 billion, said it expects continuing declines in ad revenue this quarter in the face of the growing popularity of online TV and film services, raising concerns from some analysts.
Time Warner’s shares were up slightly at $102.58 on the New York Stock Exchange. Shareholders are set to get $107.50 in cash and AT&T stock in the deal, which is scheduled to close later this year.
Revenue from the company’s Warner Bros unit, which includes the movie business, rose 12.4 percent to $2.99 billion, topping analysts’ average estimate of $2.90 billion, according to data and analytics firm FactSet.
“Wonder Woman,” starring actress Gal Gadot, grossed about $800 million worldwide through July 31, while revenue from premium cable channel HBO, home to hit fantasy show “Game of Thrones,” rose slightly to $1.48 billion.
Excluding some items, the company earned $1.33 per share, beating estimates of $1.19 per share, according to Thomson Reuters I/B/E/S.
Overall revenue rose 5.4 percent to $7.33 billion, in line with analysts’ expectations of $7.3 billion.
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