Time Warner To Buy Back Shares

06 August 2007


NEW YORK: Time Warner will begin a new round of share buybacks after recording a "solid" second quarter, helped by an increase in subscriptions to its cable network, though online arm AOL saw a further fall in revenues.

The media giant recorded a Q2 profits rise to $1.07 billion (€781m; £526m) from a total of $1.01bn in the year-ago period. Revenues reached $11bn.

AOL, on the other hand, saw revenues fall 38% to $1.3bn and, while advertising sales rose by 16%, this constituted a decline on the 40% quarterly rises it has enjoyed over the last year.

Ceo Richard Parsons said TW was planning to purchase around $5bn worth of its shares, and insisted that AOL was "on the right track".

Data sourced from Financial Times; additional content by WARC staff