Time Warner Turns Cable Unit Loose, Nurtures Lagging AOL
Media giant Time Warner plans to sell off its remaining 84 percent stake in its recently spun-off cable company. The company unveiled the strategy as it posted weaker profit and its AOL Web portal grew modestly in advertising revenue. Time Warner said net profit for the first quarter was $771 million, or 21 cents per share, down 36 percent from the $1.2 billion, or 31 cents a share, posted in the same quarter a year ago. Analysts had been calling for earnings of 23 cents. Revenue was up about 2 percent to $11.42 billion.
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Time Warner Turns Cable Unit Loose, Nurtures Lagging AOL
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