The film, 'Fantastic Beasts and Where to Find Them,'' helped sharply boost quarterly revenue at the media giant. Fred Katayama reports.
Animal spirits boosting Time Warner. The film, "Fantastic Beasts and Where to Find Them" helped drive quarterly revenue sharply higher at the media giant. The company's Warner Brothers studio saw a double digit gain in revenue as "Fantastic Beasts" reportedly grossed $800 million globally. Revenue rose at its other two business units, too: Home Box Office and the cable networks that include CNN and TNT. Profit fell but handily beat forecasts. Cowen senior analyst Doug Creutz called this an "OK close to the year," saying, "We expect the AT&T deal regulatory process to drive the stock over the next several quarters." Time Warner agreed last fall to be bought by telecom giant AT&T. President Donald Trump opposed that $85 billion deal during his election campaign. Time Warner said the merger remained on track to close later this year.