Rich Fiscus
13 May 2009 1:03
First quarter revenue from Time Warner's Filmed Entertainment division, which includes motion picture, home video, and television production and distribution, was down more than $200 million from the same period last year. Despite the drop, profits for the division were up 10%.
The news wasn't as good for other divisions. While income for their Network Division, which includes of Turner Broadcasting and HBO, saw more than a 5% increase in revenue, the Publishing and AOL divisions' revenue dropped by half a billion dollars combined.
Total revenue fell fell $525 million, resulting in a profit of just under $1.2 billion.
Although this is another clear sign that the entertainment industry is being affected by global economic conditions it also shows that they are still doing very well. It's certainly better than their former music division, Warner Music Group, did over the same period.
Last week WMG reported a 17% drop in revenue compared to 2008.