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Wednesday, August 6, 2014

Time Warner profit grows but shares drop after Fox bid nixed, (NYSE: TWX)

Time Warner Inc reported a higher-than-expected quarterly profit and boosted its stock buyback program, but the news failed to prevent its shares from tumbling 11 percent a day after Rupert Murdoch withdrew his bid for the company.Revenue from Time Warner's Home Box Office unit jumped 17 percent to $1.42 billion for the second quarter, helped by the popularity of "Game of Thrones" and other HBO shows.The company said the fourth season of "Game of Thrones," which ended in June, was the most watched season of an original series in HBO's history. The Emmy award-winning fantasy epic had an average gross audience of 19 million viewers.Time Warner's board said it increased its share buyback program in June by an additional $5 billion on top of the $4 billion it allocated for the same purpose. Fox announced a buyback program Tuesday of $6 billion.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 11.26% or $-9.59/share to $75.60. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7498080 shares of TWX exchange hands on a given day and today's volume is recorded at 16657953.