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As expected, Time Warner (NYSE: TWX) reported Q4 revenues of $12.6 billion, up a slight 2 percent from the previous year. Net income in the quarter fell 44 percent to $1 billion ($.28 per share) from $1.8 billion ($.44 per share). But the company did have a number of charges in the quarter. Operating income was up 12.3 percent to $2.3 billion. The company attributed its growth to its film, cable and broadcast businesses. Separately, it announced that its 2008 earnings per share would come in at $1.07-$1.11 and that op income before depreciation and amortization would show growth of 7-9 percent. So far, there’s no official news on AOL, cable or other restructuring initiatives, although the Washington Post, citing anonymous sources, says CEO Jeff Bewkes will use the call to announce a spin off or sale at TWC and to “signal” a breakup plan at AOL. Some divisional highlights:
— AOL: AOL revenue dropped 32 percent to $1.25 billion from $1.8 billion, reflection the sale of UK and European ISPS and continuing decline of U.S. access subs. The division now accounts for about 10 percent of the total business, proving that the attention it receives (and the headaches it seems to cause) is quite out of proportion to its overall impact. Op income fell to $274 million, from $910 million, which the company blamed on restructuring charges and the sale of its UK and French internet access business. The access business, in a perpetual state of decline, stood at 9.3 million subscribers, 3.8 million fewer than the previous year.
— Cable: Cable revenue grew 11 percent to $4.1 billion. Details here,
— Publishing: Total revenue hit $1.45 billion, basically flat from last year. Revenue for the year was basically flat as well, although online revenues grew by $93 million, led by growth at People.com and CNNMoney.com. The online percentage growth rate was not given out.
More to come