DVD Helps Time Warner Q3 Profit2 Nov, 2005 By: Erik Gruenwedel
The Million Dollar Baby DVD helped boost Time Warner's Q3 revenue.
Sales of Million Dollar Baby, Constantine and New Line's Monster-in-Law helped Time Warner Inc. post third-quarter (ended Sept. 30) film entertainment revenues of $2.7 billion, up 6 percent ($147 million) from the same period last year.
The media giant's total revenues for the quarter increased 6 percent to $10.5 billion.
Due in part to pressure from maverick investor and shareholder Carl Icahn, Time Warner's board of directors said it would initiate a $12.5 billion stock repurchase program, up from $5 billion announced last quarter.