Time Inc. Operating Profit Jumps 50%, Ad Revenue Climbs 4%
The Time Inc. publishing segment of Time Warner (TWX), which puts out Time, Sports Illustrated and many other magazines, today posted a second-quarter operating profit of $153 million, a 50% improvement over its year-ago results.
The company said that the vast improvement in operating income was mostly due to cost-saving initiatives like reduced pension expenses and higher digital and print revenues from its magazines.
Second-quarter revenue for the publishing segment rose to $919 million from $915 million a year ago. Advertising revenue for Time Inc. rose 4%, or $21 million. Subscription revenue stayed flat, while “other” revenue slipped 23%, or $23 million.
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