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July 30, 2009

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Revenues hurt Time Warner

TIME Warner Inc posted a lower second-quarter profit yesterday, hurt by falling revenues at its magazine publishing, AOL and movies units.

Profit from continuing operations was US$519 million, or 43 cents a share in the second quarter, compared with US$564 million, or 47 cents, a year earlier.

Second-quarter revenue fell 9 percent to US$6.81 billion compared with analysts' forecast of US$6.94 billion.

Time Warner Chief Executive Jeffrey Bewkes is in the process of returning Time Warner to its traditional media roots consisting of cable networks such as HBO, CNN and TNT, the Warner Bros film studio and its Time Inc publishing units.

The media conglomerate has kick-started the process of separating its struggling AOL Internet unit later this year. Bewkes said the company was on track to spin off AOL around the end of the year.

The move would end a tumultuous eight-year merger. On March 12, Time Warner split off its cable telecommunications unit, Time Warner Cable Inc.


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