US cable giants bounce back
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Thursday 04 August 2011
New hit shows and new advertisers are pumping profits at the biggest cable TV companies in the US, the latest earnings figures show.
Time Warner, whose pay-TV channel HBO aired the internationally acclaimed Game of Thrones, is "also making progress shaping the business models that will benefit us as the digital transition continues", said Jeff Bewkes, chief executive yesterday. HBO GO, allowing subscribers to get the channel on any mobile device, launched in May, while the rolling news channel CNN is also now available for smartphones and tablet computers.
Time Warner also owns Warner Bros film studio, whose Harry Potter And The Deathly Hallows Part 2 was released just after the end of the second quarter, as well as Time magazine, the flagship of its publishing division.
Cable TV revenues rose 9 per cent, including an 11 per cent rise in advertising, and the overall group recorded net income of $638m in the three months to the end of June, up 14 per cent on last year.
Meanwhile, Time Warner's rival Comcast also posted a big improvement in earnings yesterday. The Philadelphia-based cable TV and internet provider made a bold move into broadcasting earlier this year when it bought a controlling stake in NBC Universal, which owns the national TV network NBC and Universal movie studios, as well as a portfolio of fast-growing cable TV channels.
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