1 August 2012 3:54 AM, PDT | The Hollywood Reporter | See recent The Hollywood Reporter news »

Time Warner on Wednesday reported lower second-quarter earnings, but reiterated its full-year financial forecast. The entertainment conglomerate, led by CEO Jeffrey Bewkes, posted a profit of $429 million, compared with $637 million in the year-ago period. Adjusted operating profit declined 5 percent to $1.2 billion. Revenue declined 4 percent to $6.7 billion. Financial improvements in the TV networks unit were not enough to offset declines in the film and TV entertainment and publishing divisions. Operating income in the latest period included $147 million in charges related to the shutdown of Turner’s general entertainment network, Imagine,

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- Georg Szalai

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