Strong performance at its networks division helped drive record increases at Time Warner inc. Inc. in 2010, with revenue rising at its highest rate in six years and operating profits achieving their highest mark in company history.
Revenue rose 6% at Time Warner in 2010 to $26.9 billion, its highest growth rate since 2004. Adjusted operating income rose 17% to $5.4 billion, the highest level in the media giant's history.
For the fourth quarter, revenue was up 8% to $7.8 billion and adjusted operating income rose 14% to $1.4 billion.
Driving that full-year growth was an 11% rise in revenue and an 18% uptick in adjusted operating income at its networks division, which includes cable stalwarts CNN, Home Box Office and Turner Broadcasting System. Time Warner said that in the fourth quarter, revenue at the networks rose 14% to $3.3 billion and adjusted operating income was up 20% to $904 million. Advertising revenue increased 21% in the quarter to $1.1 billion and was up 14% for the year to $3.7 billion.