Time Warner Inc., the media company that owns HBO and the Batman film franchise, reported third-quarter profit that topped analysts’ estimates after making gains in cable-network revenue.
Net income rose to $838 million, or 86 cents a share, from $822 million, or 78 cents, a year earlier, the New York-based company said Wednesday in a statement. That beat the 82 cents analysts had projected, according to data compiled by Bloomberg.
Time Warner saw an increase in the money that cable-TV providers pay to air its networks. The fees rose 7 percent last quarter, offsetting a 1 percent drop in cable advertising revenue. The company has refocused on premium programming such as HBO’s original series “Boardwalk Empire,” helping make its networks more attractive.
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