Time Warner reported second quarter adjusted earnings per share of $US0.98, topping estimates for $US0.84, but shares of the media company were still lower after 21st Century Fox last night pulled its takeover offer.
In pre-market trade, Time Warner shares remained sharply lower, down about 10%.
Time Warner’s Q2 revenue increased 3% to $US6.8 billion, below expectations for $US6.87 billion. Revenue for the company’s HBO segment totaled $US1.42 billion, up from $US1.2 billion a year ago, while revenue at its Warner Bros. unit slipped to $US2.87 billion from $US2.94 billion last year.
In addition to reporting second quarter results, Time Warner reaffirmed its full-year business outlook, saying it still sees adjusted EPS growth in the low-teens.
Following Fox’s announcement that it withdrew its offer for Time Warner, BI’s Henry Blodget, citing an insider familiar with the situation, reported that the deal is dead.
“That’s it. Game over,” the insider told Blodget.
Ahead of Fox’s offer, which was announced back on July 16, shares of Time Warner were trading at about $US71 per share, and had closed as high as $US88, but in pre-market trade had moved back to about $US76.
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