There’s a reason publishing executives have adopted the phrase “flat is the new up” over the past few years and even in an ad recovery, the best Time (NYSE: TWX) Warner’s mags could say was that there were no further declines. The publishing segment’s revenues were essentially flat at $919 million, as a decent 4 percent increase in ad revenues, offset by a 23 percent ($23 million) decrease in other revenues, with subscription revenues flat.
Things were a lot stronger at the TV networks and the film business for Time Warner. On the networks side, revenues rose 11 percent to $3.2 billion, with 9 percent growth in subscription dollars, 14 percent in ad sales and 10 percent in content revs. The increase in subscription revenues were related to higher domestic subscription rates and the consolidation of HBO Central Europe. Ad revenue growth reflected strong scatter market, as well as international expansion and growth. Content revenues benefited from higher sales of HBO