6 February 2013 4:10 AM, PST | Deadline TV | See recent Deadline TV news »

The entertainment company’s believers and skeptics will find something to support their cases in the report this morning about Time Warner‘s Q4 results. But early traders like what they see, including the forecast for low-double-digit growth in adjusted earnings this year: the share price is +4% in pre-market trading. In Q4, Time Warner generated net income of $1.17B, +51.3% vs the period last year, on revenues of $8.16B, -3.5%. Revenues were a little short of analysts’ consensus forecast for $8.25B. But adjusted earnings at $1.17 a share were well ahead of predictions for $1.10. At Time Warner’s Networks unit, which includes Turner Broadcasting and HBO, rising ad sales and affiliate fees resulted in a 5% increase in revenues, to $3.7B, with operating income +21% to $1.4B. CNN was helped by the presidential election, while TNT benefitted from an increase in the number of NBA games. The Warner Bros Film and TV Entertainment operation fared less well, »

- DAVID LIEBERMAN, Executive Editor

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