Time Warner getting back on track

Time Warner reported fourth-quarter net profit of $638m (€507m) against last year's fourth quarter loss of $45bn (€35bn), which resulted from the writedown of its AOL online arm.

Total revenue rose 6.4% to $10.9bn (€8.6bn) in the three months, as growth in its cable, filmed entertainment, network and publishing divisions offset a decline at its AOL unit.

Operating income, before depreciation and amortization of assets, was $2.4bn (€1.9bn).

For the full year, revenue rose 6% and the company moved from a $100bn (€79.5bn) loss to a $2.6bn (€2.07bn) profit, helped by a strong performance by its film division where revenue rose 9%, boosted by The Lord of the Rings, Harry Potter and the Matrix sequels.