Things are looking up over at Time Warner, with the entertainment giant posting record profits for the last quarter. Income rose $725 million from Q1 in 2009, a full 10% increase.
According to the filing, most of the increase comes from their television networks, including CNN, TBS, TNT and others. They are also believed to see a continued boost due to Conan O’Brien coming to TBS this fall, as well as a new agreement for them to air NCAA March Madness for the next 14 years.
Warner also saw a nice boost from their Warner Bros division, with strong DVD sales for “Sherlock Holmes” and “The Blind Side”, and strong box office for “Valentine’s Day”. They also believe they will see increased revenue in this area as a result of their recent distribution deals with Blockbuster, Netflix and Redbox.
With these results – and those from News Corp yesterday – it is believed that the industry may be recovering from the recent downturn. Will this recovery come at the expense of consumers, or will everyone win as these companies alter their business to increase revenues and keep making entertainment?