Time Warner Inc, which is in the process of being bought by AT&T Inc, reported an 11.47 percent rise in quarterly revenue, helped by the success of the “Harry Potter” spinoff “Fantastic Beasts and Where To Find Them.”
The company’s net income from continuing operations fell to $317 million, or 40 cents per share, in the fourth quarter ended Dec. 31 from $857 million, or $1.06 per share, a year earlier. Excluding some items, the company earned $1.25 per share. Revenue rose to $7.89 billion from $7.08 billion.
AT&T’s proposed acquisition of Time Warner for $85.4 billion was opposed by U.S. President Donald Trump during his election campaign. However, AT&T said last month it was confident the would be approved.