Revenue increased 4% to $7 billion and adjusted operating income rose 6% to $1.4 billion in the first quarter at Time Warner Inc., fueled by gains at its cable networks.
Cable networks revenue increased 3% to $3.6 billion, fueled by strong gains at its Turner Networks and Home Box Office. Adjusted operating income increased 2.8% at the networks to $1.2 billion in the period. Advertising revenue rose 6% in the period, driven by strong pricing and the 2012 NCAA Men's Basketball Tournament.
Ad sales increases were double analysts' expectations of 2.5% to 3% growth.
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