Wednesday, November 02, 2005
Time Warner Increases Share Buyback, Posts 80% Increase in Third Quarter Earnings
Time Warner announced today that the board of directors had voted to approve raising their stock repurchase program from $5 billion to $12.5 billion. This news was hot on the heels of a third quarter earnings report showing an 80% increase over the same quarter last year. The increase in earnings was attributed to strong cable TV business – especially with syndications of “Sex and the City” and gains in advertising. Time Warner shares have been on the decline – share prices are still 75% lower today than they were in 2000 prior to the company’s agreement to be bought out by AOL.