Time Warner says profit went down 53%

Weak results from AOL tempered an otherwise strong quarter at Time Warner, the company reported, as gains from cable TV and the latest Harry Potter movie helped the media conglomerate meet Wall Street expectations, an Associated Press report said.

The Associated Press report said the company, which also owns HBO, Warner Bros., CNN and Time magazine, earned $1.09 billion in the three months ended in September, down 53% from the same period a year ago, when results were lifted by investment gains and tax benefits..

Revenue rose 9% to $11.68 billion from $10.75 billion, the report said.

Investors are hopeful that incoming CEO Jeff Bewkes, who takes over January 1, will move aggressively to boost the company's stock price, which is stuck at about the same level it was at five years ago, the report said.

The company announced Bewkes' long-anticipated appointment, succeeding Dick Parsons, who is staying on as chairman.

Time Warner's adjusted operating income before depreciation and amortization, a measure of profitability, rose 15 % to $3.2 billion, the Associated Press report further said.

The largest gain came from Time Warner Cable, which posted 28% higher profit as it absorbed new subscribers from bankrupt Adelphia Communications and signed up more customers for premium services including digital phone and high-speed internet.