Time Warner saw a year-over-year decline in operating income in the first quarter largely due to higher programming and marketing costs at Turner and HBO.
Time Warner reported revenue of $8 billion, a 3% increase from the year-ago quarter. Adjusted operating income fell 8% to $2 billion. The results come as Time Warner is awaiting a decision on the fate of its $85.4 billion merger with AT&T, which the Justice Department has sued to block. The trial in Washington, D.C. is heading toward a close.
“We’re off to a strong start to 2018 and we remain on track to meet the financial goals we laid out at the beginning of the year, as we continue to execute our strategic objectives, including investing in and delivering the most compelling content to audiences around the globe and across platforms,” Time Warner CEO Jeff Bewkes said. “We look forward to the resolution of the legal challenge to our pending merger with AT&T and remain excited about the benefits of the merger, such as the potential to further strengthen our businesses by accelerating our innovation and increasing our ability to connect more directly with consumers.”
More to come
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