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Finance

Game sales drive revenue growth at Time Warner

Thu 04 Aug 2011 7:44am GMT / 3:44am EDT / 12:44am PDT
FinancePublishing

Second quarter results highlight success of Mortal Kombat 9 and Lego Pirates of the Caribbean

Time Warner has attributed second-quarter revenue growth in its Filmed Entertainment division to successful videogame releases.

Filmed Entertainment encompasses television, home video, feature films and videogames. Revenue for the division rose to $2.8 billion, versus $2.5 billion in the same quarter last year, though operating income dropped from $173 million to $154 million.

Warner attributed the revenue growth, in part, to the success of Mortal Kombat 9 and Lego Pirates of the Caribbean: The Video Game. However, that increase was offset by rising costs elsewhere in the division.

Time Warner as a whole reported a 10 per cent increase in tear-on-year revenue to $7 billion, with operating income also rising to $1.26 billion from $1.2 billion last year.

"We had another successful quarter and remain on track to meet our financial goals for the year," said chairman and CEO Jeff Bewkes. "Our continued investment in our content and brands is paying off."

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