Time Warner said yesterday that net income grew 51 percent in the last three months of 2012 even as revenue was largely unchanged. Rising fees from cable and satellite companies and higher ad revenue at the TV networks offset revenue declines at the movie studio and magazine businesses.
The company also announced a dividend increase and a new plan to buy back shares. Its stock increased $2.05, or 4 percent, to close at $52.01, its highest level in more than a decade.
The company expects 2013 adjusted earnings to be up in the low double-digit percentage.