By: The Associated Press//November 7, 2013
By: The Associated Press//November 7, 2013//
NEW YORK — Time Warner on Wednesday posted a big jump in third-quarter net income, helped by continued popularity of its cable network shows.
Chairman and CEO Jeff Bewkes said the company saw a significant payoff during the recent quarter on its programing investments at TNT and TBS, with both networks receiving some of the highest ratings among key cable TV audiences.
The networks accounted for four of the top 10 scripted shows on advertising-supported cable, while “The Big Bang Theory,” which is produced by the company’s Warner Bros. division, continued to draw audiences to TBS.
Despite the earnings jump, the media and entertainment company chose to back its previous profit guidance for the full year, rather than raise it. Time Warner Inc. shares edged up in midday trading.