Time Warner Conjures Up Harry Potter to Fend Off Icahn

03 February 2006

Teenage wizard Harry Potter, momentarily distracted from a rousing game of Quidditch, swooped down on his broomstick to aid ailing media giant Time Warner in its battle with evil thaumaturge Carl Icahn.

Revenues from the latest epic movie, Harry Potter and the Goblet of Fire made a substantial contribution to TW's robust Q4 numbers - revenues up 7% year-on-year to $11.9 billion (€9.84bn; £6.69bn) and net income rising 27% to $1.4bn.

Hogwarts headmaster (day job: TW ceo), benevolent greybearded Richard H Parsons, was agog with delight at the figures, proclaiming that they confirm the school's management is on the right course.

"If I can be allowed one moment of immodesty, no one can run these businesses better than the current management is running them," whooped the headmaster in a conference call to analysts.

The latest numbers will not be good news for Icahn, who plans a proxy fight to gain control of the company at its next annual meeting. He has already lined-up a potential replacement ceo for TW in the person of veteran TV executive, Frank Biondi [WAMN: 31-Jan-06].

Data sourced from Wall Street Journal Online; additional content by WARC staff