Time Warner’s profit rises on films, advertising

The entrance to the Time Warner Center is seen at Columbus Circle in New YorkBy Liana B. Baker (Reuters) – Time Warner Inc reported a higher second-quarter profit on Wednesday, as hit movies "The Great Gatsby" and "Man of Steel" boosted revenue in the film unit and basketball games drove up cable TV advertising by 11 percent. The company said it expected mid-teens percentage earnings growth for full year, up from the low double-digit forecast it previously gave. The analysts' average estimate calls for a 14 percent rise, according to Thomson Reuters I/B/E/S. Shares of Time Warner rose 3.9 percent to $ 66.59 in trading before the market opened. …

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