By: The Associated Press//August 7, 2013
By: The Associated Press//August 7, 2013//
NEW YORK — Investments in mythical kingdoms, alien invasions and a famously flamboyant musician are paying off for Time Warner.
The company, which owns HBO, CNN, TNT and Warner Bros., said on Wednesday that it posted an 87 percent jump in net income in the April-June quarter thanks to spending on quality original programming that helped to boost viewer interest, and revenue, at its television networks.
The results beat Wall Street’s predictions and the New York-based company raised its full-year guidance.
Time Warner Inc.’s stock rose $1.14, or 2 percent to $65.22 in afternoon trading after earlier hitting $66, its highest price in more than a decade.
Chairman and CEO Jeff Bewkes pointed to popular series such as TNT’s “Falling Skies,” which tells the story of humans fighting an alien invasion, “Game of Thrones,” HBO’s critically acclaimed fantasy drama series, along with HBO’s Emmy-nominated Liberace