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Posts Tagged ‘Southern Living At Home’

Time Warner Earnings: Growth From Networks Can’t Offset Publishing Declines

time warner logo new.jpgAs we wait to hear about layoffs coming out of Time Inc. today, we got a chance to look at the magazine publisher’s parent Time Warner‘s third quarter earnings.

The company reported a 5 percent decline in revenues compared to the third quarter of last year — they dropped to $7.1 billion. Time Warner attributed the decline to low revenues at AOL and its publishing and film entertainment divisions, offsetting 5 percent revenue growth in its networks division, which includes HBO and Turner Broadcasting.

Time Warner also updated its predictions for the rest of 2009, noting that it plans to take $100 million in restructuring charges at Time Inc. during the fourth quarter. Although previous reports had said the company would be looking to shed $100 million through layoffs, putting this much into restructuring means the company will probably end up saving more in the long run. Time Inc. spokeswoman Dawn Bridges told The New York Times the current restructuring program “will result in a charge of up to $100 million.” Explained Bridges:

“While advertising remains challenged, readers continue to value print publications and affiliated websites. This restructuring will allow us to most efficiently focus our resources on the creation of compelling content at our world class titles. Unfortunately, given the tough market conditions, this restructuring will mean a loss of jobs. We wish our departing colleagues and friends the very best with their future projects.”

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Time Warner, MSLO Release Earnings Numbers

time warner.pngTwo big public media companies, Time Warner Inc. and Martha Stewart Living Omnimedia released their second quarter earnings numbers today, with both reporting revenue declines.

mslo.pngMSLO said revenues dropped to $57.0 million in the second quarter of of this year, compared to $77.1 million during the same period last year. “Lower revenues primarily reflect declines in magazine advertising revenue during a challenging period for the publishing industry, as well as lower merchandising revenues compared with the same period last year largely due to the winding down of our Kmart relationship,” the company said. “…Internet and broadcasting segments witnessed solid performance during the quarter.”

Meanwhile, revenues dropped 9 percent at Time Warner from the same period last year, to $6.8 billion. The decrease was attributed to lower revenues in Time Warner’s publishing, AOL and filmed entertainment divisions, which “more than offset growth” in it networks division, which includes HBO and Turner Broadcasting.

A breakdown after the jump

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