administrative officer

Time Warner Revenue Is Flat, Despite Cable Gains

The parent company of HBO, CNN, TNT and TBS reported revenue of $6.9 billion in the quarter that ended March 31, down 1 percent from the same period last year. Net income grew 23.5 percent to $720 million, or 75 cents a share, compared with $583 million and 59 cents a share in 2012.

“We’re off to a strong start in 2013, making us even more confident in our full-year outlook,” Jeffrey L. Bewkes, chairman and chief executive of Time Warner, told analysts. He specifically pointed to the success of the company’s cable TV business, driven this quarter by an average nightly audience of 10.7 million for the N.C.A.A. basketball tournament broadcast on several Turner channels.

But Time Warner’s legacy businesses continued to lag. Later this year, the company is expected to complete the spinoff of its Time Inc. publishing unit into a separate, publicly traded company. Revenue at Time Inc., which publishes Time, People, Sports Illustrated and InStyle, fell 5 percent to $737 million, reflecting an 11 percent dip in subscription revenues.

Time Inc. eliminated roughly 6 percent of its total worldwide staff of 8,000 in the first quarter, resulting in $53 million in restructuring and severance charges. “We remain very focused on taking costs out of the business,” said John K. Martin, chief financial and administrative officer at Time Warner. Cost cutting, he added, is “an important step in preparing Time Inc. to function as a stand-alone public company.’’

Revenues at the Warner Brothers studio fell 4 percent to $2.7 billion, while operating income increased by 23 percent to $263 million. “Both ‘Gangster Squad’ and ‘Jack the Giant Slayer’ fell below our expectations,” Mr. Bewkes said.

He remained optimistic about the studio’s slate of upcoming films, including “The Great Gatsby” and “The Hangover Part III.” Warner Brothers had a strong television season with “Revolution,” an apocalyptic drama on NBC, and “Game of Thrones,” the HBO fantasy series that averages 13.4 million viewers per episode.

Mr. Bewkes defended CNN under the leadership of Jeff Zucker, the recently named president of CNN Worldwide. But, he said, the channel still needed to evolve from a trusted source of breaking news to a more regularly watched outlet. “CNN can’t just be politics and wars,” Mr. Bewkes said.

He rebuffed questions about whether the HBO Go on-demand app would be made available on an à la carte basis through a broadband connection, making the premium cable channel more like the streaming service Netflix. “We would do it if we thought it was in our economic best interest,” Mr. Bewkes said. “At this point, we don’t think it makes sense.”

Article source: http://www.nytimes.com/2013/05/02/business/media/time-warner-revenue-is-flat-despite-cable-gains.html?partner=rss&emc=rss

Bits: Top Executive at H.P. Steps Down

Ann Livermore, a fixture at Hewlett-Packard for nearly three decades, will step down from leading the company’s enterprise business as part of a broader management overhaul.

Tony Avelar/Bloomberg NewsAnn Livermore

The shake-up, announced on Monday, comes as Leo Apotheker, H.P.’s chief executive, tries to reinvigorate the company after a series of disappointing financial forecasts.

Ms. Livermore, who joined H.P. out of graduate school and is one of the most prominent women executives in the technology industry, will become a board member, H.P. said. She will continue to serve in her current management role until a replacement is found.

Ms. Livermore, 52, had long been considered a potential chief executive at H.P. in the wake of its many leadership changes in recent years. However, she was passed over on each occasion, most recently when Mr. Apotheker was hired last year.

H.P. also said that Peter Bocian, chief administrative officer, has left the company. His position has been eliminated.

Randy Mott, chief information officer, is also leaving, although H.P., is seeking a successor.

“In our ongoing effort to accelerate our progress in executing our strategy, we will continue to make the necessary changes that streamline our operations, drive focus and agility, and position us for success,” Mr. Apotheker said in a statement.

Mr. Apotheker is trying to lift H.P., the largest technology company by revenue, amid declining consumer computer sales and a slumping services business. His strategy, which he unveiled in March, is to build up the company’s tiny software business and expand into the cloud — a term used to describe products and services delivered online.

Article source: http://feeds.nytimes.com/click.phdo?i=48f4eeabebd912103b17a37c268b78f2

Time Warner Revenue Is Flat, Despite Cable Gains

Bits: Top Executive at H.P. Steps Down

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