TIME WARNER INC NEW (TWX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Time Warner Inc New has a market cap of $36.88 billion; its shares were traded at around $32.36 with a P/E ratio of 14.6 and P/S ratio of 1.4. The dividend yield of Time Warner Inc New stocks is 2.6%.TWX is in the portfolios of Chris Shumway of Shumway Capital Partners LLC, Murray Stahl of Horizon Asset Management, Dodge & Cox, Bill Nygren of Oak Mark Fund, Brian Rogers of T Rowe Price Equity Income Fund, Manning & Napier Advisors, Inc, Bruce Kovner of Caxton Associates, Kenneth Fisher of Fisher Asset Management, LLC, Mark Hillman of Hillman Capital Management, James Barrow of Barrow, Hanley, Mewhinney & Strauss, George Soros of Soros Fund Management LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Pioneer Investments, Tom Russo of Gardner Russo & Gardner, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
The aggregate programming rights fee of approximately $10.8 billion, which will be shared by Turner and CBS, will be paid by Turner to the NCAA over the 14-year term of the agreement. Further, Turner and CBS have agreed to share advertising and sponsorship revenues and production costs. In the event, however, that the programming rights fee and production costs exceed advertising and sponsorship revenues, CBSs share of such shortfall is limited to specified annual amounts (the Loss Cap Amounts), ranging from approximately $90 million to $30 million (totaling approximately $670 million over the term of the agreement). Beginning in 2011, Turners share of the programming rights fee will be amortized based on the ratio of current period advertising revenue to total estimated advertising revenue over the term of the agreement. Any costs recognized and payable by Turner due to the Loss Cap Amounts will be expensed by the Company as incurred.
In addition to the items affecting comparability described above, the Company incurred restructuring costs of $6 million and $15 million for the three and six months ended June 30, 2010, respectively, and $27 million and $63 million for the three and six months ended June 30, 2009, respectively. For further discussion of these restructuring costs, refer to Consolidated Results and Business Segment Results.
The Company recognized legal reserves as well as legal and other professional fees related to the defense of securities litigation matters by former employees totaling $8 million and $19 million for the three and six months ended June 30, 2010, respectively, and $7 million and $14 million for the three and six months ended June 30, 2009, respectively.
For the three and six months ended June 30, 2009, the Company recognized a $28 million gain on the sale of the Companys investment in TiVo Inc. and a $17 million gain on the sale of the Companys investment in Eidos plc. In addition, for the three and six months ended June 30, 2009, the Company recognized $8 million and $21 million, respectively, of miscellaneous investment losses.
Costs of Revenues. For the three months ended June 30, 2010 and 2009, costs of revenues totaled $3.599 billion and $3.334 billion, respectively, and, as a percentage of revenues, were 56% for both periods. For the six months ended June 30, 2010 and 2009, costs of revenues totaled $6.952 billion and $6.692 billion, respectively, and, as a percentage of
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Time Warner Inc New has a market cap of $36.88 billion; its shares were traded at around $32.36 with a P/E ratio of 14.6 and P/S ratio of 1.4. The dividend yield of Time Warner Inc New stocks is 2.6%.TWX is in the portfolios of Chris Shumway of Shumway Capital Partners LLC, Murray Stahl of Horizon Asset Management, Dodge & Cox, Bill Nygren of Oak Mark Fund, Brian Rogers of T Rowe Price Equity Income Fund, Manning & Napier Advisors, Inc, Bruce Kovner of Caxton Associates, Kenneth Fisher of Fisher Asset Management, LLC, Mark Hillman of Hillman Capital Management, James Barrow of Barrow, Hanley, Mewhinney & Strauss, George Soros of Soros Fund Management LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Pioneer Investments, Tom Russo of Gardner Russo & Gardner, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Time Warner is a leading media and entertainment company, whose major businesses encompass an array of the most respected and successful media brands. Among the Companys brands are HBO, TNT, TBS, CNN, Warner Bros., New Line Cinema, People, Sports Illustrated and Time. During the six months ended June 30, 2010, the Company generated revenues of $12.699 billion (up 7% from $11.916 billion in 2009), Operating Income of $2.657 billion (up 31% from $2.025 billion in 2009), Net Income attributable to Time Warner shareholders of $1.287 billion (up 9% from $1.184 billion in 2009) and Cash Provided by Operations from Continuing Operations of $1.388 billion (down 14% from $1.611 billion in 2009).The aggregate programming rights fee of approximately $10.8 billion, which will be shared by Turner and CBS, will be paid by Turner to the NCAA over the 14-year term of the agreement. Further, Turner and CBS have agreed to share advertising and sponsorship revenues and production costs. In the event, however, that the programming rights fee and production costs exceed advertising and sponsorship revenues, CBSs share of such shortfall is limited to specified annual amounts (the Loss Cap Amounts), ranging from approximately $90 million to $30 million (totaling approximately $670 million over the term of the agreement). Beginning in 2011, Turners share of the programming rights fee will be amortized based on the ratio of current period advertising revenue to total estimated advertising revenue over the term of the agreement. Any costs recognized and payable by Turner due to the Loss Cap Amounts will be expensed by the Company as incurred.
In addition to the items affecting comparability described above, the Company incurred restructuring costs of $6 million and $15 million for the three and six months ended June 30, 2010, respectively, and $27 million and $63 million for the three and six months ended June 30, 2009, respectively. For further discussion of these restructuring costs, refer to Consolidated Results and Business Segment Results.
The Company recognized legal reserves as well as legal and other professional fees related to the defense of securities litigation matters by former employees totaling $8 million and $19 million for the three and six months ended June 30, 2010, respectively, and $7 million and $14 million for the three and six months ended June 30, 2009, respectively.
For the three and six months ended June 30, 2009, the Company recognized a $28 million gain on the sale of the Companys investment in TiVo Inc. and a $17 million gain on the sale of the Companys investment in Eidos plc. In addition, for the three and six months ended June 30, 2009, the Company recognized $8 million and $21 million, respectively, of miscellaneous investment losses.
Costs of Revenues. For the three months ended June 30, 2010 and 2009, costs of revenues totaled $3.599 billion and $3.334 billion, respectively, and, as a percentage of revenues, were 56% for both periods. For the six months ended June 30, 2010 and 2009, costs of revenues totaled $6.952 billion and $6.692 billion, respectively, and, as a percentage of
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