time warner inc (TWX) Key Developments
Time Warner Inc. Announces Cash Tender Offer for Any and All of its Outstanding 5.875% Notes Due 2016
May 28 15
Time Warner Inc. announced that it has commenced a tender offer to purchase for cash any and all of the outstanding 5.875% Notes due 2016 of the company. The tender offer will expire at 5:00 p.m., New York City time, on June 3, 2015, unless extended or earlier terminated. The terms and conditions of the tender offer are set forth in an Offer to Purchase and related Letter of Transmittal and Notice of Guaranteed Delivery, which together constitute the Offer. The aggregate principal amount of Notes currently outstanding is $1.0 billion. The total purchase price to be paid for each $1,000 principal amount of Notes that are validly tendered and not validly withdrawn on or prior to the expiration of the Offer is $1,073.50, plus accrued and unpaid interest on the Notes up to, but not including, the New York City business day following the expiration of the Offer. Assuming the Offer is not extended, it is expected that payment will be made on June 4, 2015 (other than with respect to Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, with respect to which payment will be made on June 8, 2015). As described in the Offer to Purchase, tendered Notes may be withdrawn at any time before the earlier of the expiration date of the Offer and if the Offer is extended, the 10th business day after the commencement of the Offer. Notes tendered pursuant to the Offer may also be withdrawn at any time after the 60th business day after commencement of the Offer if for any reason the Offer has not been consummated within 60 business days of commencement. The Offer is subject to certain conditions, but is not conditioned on the tender of a minimum principal amount of Notes. The company may amend, extend or, subject to certain conditions and applicable law, terminate the Offer at any time in its sole discretion.
Time Warner Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Charges for the First Quarter Ended March 31, 2015
Apr 29 15
Time Warner Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the period, the company’s revenues increased 5% to $7.1 billion due to growth across all divisions. Adjusted operating income grew 12% to $1.8 billion due to growth at Turner, offset in part by declines at Warner Bros. and Home Box Office. Operating income decreased 13% to $1.8 billion primarily due to a $441 million gain in the prior year quarter in connection with the sale and leaseback of the company’s space in Time Warner Center. The company posted adjusted diluted income per common share from continuing operations of $1.19, up 23% from $0.97 for the year-ago quarter. For the first three months of 2015, cash provided by operations from continuing operations reached $1.0 billion and free cash flow totaled $1.0 billion. As of March 31, 2015, net debt was $20.2 billion, up from $19.9 billion at the end of 2014, due to share repurchases, dividends and investments and acquisitions, partially offset by the generation of free cash flow. For the three months ended March 31, 2015, the company had Income from continuing operations of $933 million, or $1.10 per diluted common share. This compares to income from continuing operations attributable to Time Warner common shareholders in the first quarter of 2014 of $1.4 billion, or $1.50 per diluted common share. For the first quarters of 2015 and 2014, the company had net income of $970 million and $1.3 billion, respectively. Income from continuing operations before income taxes was $1,375 million compared to $1,772 million a year ago. Diluted income per common share was $1.15 compared to $1.42 in the prior year quarter. Capital expenditures was $57 million compared to $92 million a year ago. Adjusted income from continuing operations was $1,010 million compared to $885 million a year ago.
The company reported impairment charges for the first quarter ended March 31, 2015. For the quarter, the company reported asset impairment charges of $1 million compared to $12 million a year ago.
Time Warner Inc. - Shareholder/Analyst Call
Apr 24 15
Annual general meeting
Time Warner Inc., Annual General Meeting, Jun 19, 2015
Apr 24 15
Time Warner Inc., Annual General Meeting, Jun 19, 2015., at 10:00 US Eastern Standard Time. Location: Georgia World Congress Center, Georgia Ballroom, Building C, Level 3. Agenda: To elect the 12 directors named in the Proxy Statement; to ratify the appointment of Ernst & Young LLP as the Company's independent auditor for 2015; to hold an annual advisory vote to approve named executive officer compensation; to consider and vote on the shareholder proposals included in the Proxy Statement, if properly presented at the Annual Meeting; and to transact such other business as may properly come before the Annual Meeting.
Time Warner Inc. Declares Regular Quarterly Cash Dividend, Payable on June 15, 2015
Apr 23 15
Time Warner Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.35 per share of Common Stock, payable in cash on June 15, 2015 to shareholders of record on May 31, 2015.