Swinging into the black, media conglomerate Time Warner has reported a profit of $627 million in the last three months of 2009, led by good performance of films like 'The Blind Side' and 'Sherlock Holmes'.
The entity had incurred a loss of $16.03 billion in the same period a year ago, it said in a statement today.
Time Warner's revenues jumped to $7.32 billion in the December quarter, compared to $7.16 billion in the year-ago period.
In the fourth quarter, the film entertainment division, Warner Bros, saw revenues rise 7 per cent to $3.3 billion.
The rise was "led by a strong theatrical release slate, including The Blind Side and Sherlock Holmes, higher home video revenues from the performances of Harry Potter and the Half-Blood Prince and The Hangover...," the statement noted.
Revenues from the Networks division — comprising Turner Broadcasting and HBO — grew 4 per cent. The rise was mainly on account of 11 per cent jump in subscription revenues to $194 million.
Time Warner's Chairman and Chief Executive Officer Jeff Bewkes said the firm's studio and networks achieved record profits, while investing even more in programming and production.
In 2010, Bewkes said the company would continue to leverage its brands and scale to make "the most compelling content", improve efficiency and expand internationally, among others.
