Sherlock Holmes: A Game Of Shadows and The Big Bang Theory on TBS helped to propel the entertainment giant's earnings which were down ' but ahead of expectations. Time Warner generated net income of $583M, down 10.7% vs the same period last year, on revenues of nearly $7B, up 4.4%. Analysts thought that revenues would come in closer to $6.8B. Meanwhile, adjusted earnings at 67 cents a share, beat the projections of 64 cents. Warner Bros did its part with revenues up 7% to $2.8B and operating income up 35% to $214M. The company credits its theatrical slate, which included Sherlock Holmes and Journey 2: The Mysterious Island, as well as rising TV licensing revenues. Revenues at the company's cable networks at Turner Broadcasting and HBO were up 3% to $3.6B. Time Warner says that Big Bang Theory contributed to ratings improvement at TBS. Overall the unit saw subscription revenues rise 5% and ads sales jump 6%. That helped to offset an 18% decline in content revenues compared to last year when the company syndicated Sex And The City. But operating income fell 2% to $19M due in part to a $35M impairment charge for HBO's cancelled series Luck and a $58M charge to shut a general entertainment network in India. Revenues at the Time Inc magazine publishing unit fell 3% to $773M leaving it with an operating loss of $4M vs last year's positive $63M. The company says that ad revenues fell 5% and subscription income was down 2%. 'We're off to a great start to the year, and we're benefiting from strong momentum for our content across our businesses,' CEO Jeff Bewkes says.
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