Time Warner posts 4Q profit, raises dividends

NEW YORK (AP) — Media conglomerate Time Warner Inc. said today that improving results at its movie studio and cable networks boosted fourth-quarter revenue, and smaller one-time expenses helped it post a profit after reporting a loss a year ago.

The company is also raising its dividend 13 percent and increasing its stock repurchase plan.

Time Warner has been slimming down, shedding both AOL and Time Warner Cable in the past year to focus on creative content rather than the businesses that deliver it to customers.

While that strategy has yet to prove itself, the focus appears to have paid off in the fourth quarter, as Time Warner's HBO and Turner cable networks pulled in more money from subscription and affiliate fees and its Warner Bros. movie studio had success with "The Blind Side" and "Sherlock Holmes."

Time Warner, which also owns Time Inc. magazines, said it earned $627 million, or 53 cents per share, in the last three months of 2009. It lost $16 billion, or $13.41 per share, a year ago when the company was hurt by heavy write-downs on its cable, publishing and AOL assets.