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Last $83.40 USD
Change Today -1.22 / -1.44%
Volume 4.3M
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As of 8:04 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

time warner inc (TWX) Key Developments

Time Warner Inc. Announces Amendments to its By-Laws

Time Warner Inc. amended Article II, Section 3 of the company's By-laws to reinstate in full the provisions authorizing shareholders to cause the Board to call a special meeting of shareholders that had been removed in July 2014.

CBS Dismisses Merger Talks

Les Moonves, Chief Executive Officer, President and Director of CBS Corporation (NYSE:CBS) said on CNBC in February 2015 that CBS was "very happy being alone," and the Chief Executive Officer doubled down on that talk at the Morgan Stanley Technology, Media and Telecom conference. Moonves says his Chief Operating Officer tells him that CBS will be a $100 stock in four years, so buyers or merger partners like Time Warner Inc. (NYSE:TWX) or Viacom, Inc. (NasdaqGS:VIAB) would have to pay "a very high price." CBS faces new negotiations with DIRECTV (NasdaqGS:DTV) and Cablevision Systems Corporation (NYSE:CVC) at the end of 2015.

Time Warner Inc. Presents at Morgan Stanley 2015 Technology, Media & Telecom Conference, Mar-04-2015 11:00 AM

Time Warner Inc. Presents at Morgan Stanley 2015 Technology, Media & Telecom Conference, Mar-04-2015 11:00 AM. Venue: The Palace Hotel, 2 New Montgomery Street, San Francisco, CA 94105, United States. Speakers: Kevin Tsujihara, Chairman and CEO.

Time Warner Provides Earnings Guidance for the Full Year of 2015

Time Warner provided earnings guidance for the full year of 2015. For the full year, the company expects earnings in the range of $4.60 to $4.70 per share.

Time Warner Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Asset Impairments for the Fourth Quarter of 2014

Time Warner Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported operating income of $1,389 million, income from continuing operations before income taxes of $1,101 million and net income attributable to the company shareholders of $718 million or $0.84 per diluted share on revenues of $7,525 million compared to operating income of $1,733 million, income from continuing operations before income taxes of $1,382 million and net income attributable to the company shareholders of $983 million or $1.06 per diluted share on revenues of $7,604 million reported a year ago. Income from continuing operations was $720 million or $0.84 per diluted share compared to $934 million or $1.01 per diluted share reported a year ago. Adjusted operating income was $1,596 million compared to $1,769 million reported a year ago. Adjusted income from continuing operations was $838 million or $0.98 per share compared to $991 million or $1.07 per share reported a year ago. Cash provided by operations from continuing operations was $1,007 million compared to $690 million reported a year ago. Capital expenditure was $158 million compared to $272 million reported a year ago. Free cash flow was $903 million compared to $449 million reported a year ago. The decrease in adjusted EPS primarily reflects lower adjusted operating income and higher taxes, offset in part by fewer shares outstanding. Revenues declined 1% due to declines at Warner Bros., partially offset by increases at Home Box Office and Turner. Adjusted operating income decreased 10% primarily due to restructuring and severance charges across all segments and charges at Turner related to its decision to no longer air certain programming. Operating income decreased 20%. This included a $173 million foreign currency charge related to the remeasurement of net monetary assets denominated in Venezuelan currency resulting from a change in the foreign currency exchange rate used by the Company from the official rate to the SICAD 2 exchange rate. As of December 31, 2014, net debt was $19.9 billion, up from $18.3 billion at the end of 2013, due to share repurchases, dividends and investments and acquisitions, partially offset by the generation of free cash flow, cash received from Time Inc. in connection with the spin-off and proceeds from the sale of the company's space in Time Warner Center. For the year, the company reported operating income of $5,975 million, income from continuing operations before income taxes of $4,679 million and net income attributable to the company shareholders of $3,827 million or $4.34 per diluted share on revenues of $27,359 million compared to operating income of $6,268 million, income from continuing operations before income taxes of $4,968 million and net income attributable to the company shareholders of $3,691 million or $3.92 per diluted share on revenues of $26,461 million reported a year ago. Income from continuing operations was $3,894 million or $4.41 per diluted share compared to $3,354 million or $3.56 per diluted share reported a year ago. Cash provided by operations from continuing operations was $3,681 million compared to $3,258 million reported a year ago. Capital expenditure was $474 million compared to $568 million reported a year ago. Adjusted operating income was $5,833 million compared to $6,195 million reported a year ago. Adjusted income from continuing operations was $3,660 million or $4.15 per diluted share compared to $3,307 million or $3.51 per diluted share reported a year ago. Free cash flow was $3,451 million compared to $3,091 million reported a year ago. The increase in adjusted EPS primarily reflects lower taxes as a result of a net tax benefit of $639 million primarily related to the reversal of certain tax reserves in 2014 and fewer shares outstanding, offset in part by lower adjusted operating income. Revenues increased 3% due to growth across all divisions. Adjusted operating income declined 6% primarily due to charges at Turner related to its decision to no longer air certain programming and restructuring and severance charges across all segments. Excluding the tax matters, programming charges at Turner and restructuring and severance charges in the third and fourth quarters, adjusted EPS would have been $4.05. For the quarter, the company recorded asset impairments of $2 million at the Turner segment related to miscellaneous assets and $36 million at the Warner Bros. segment, including $12 million related to a trade name and the remaining amount primarily related to certain fixed assets.

 

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