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Time Warner 2Q net income jumps 87 pct

 

Investments in mythical kingdoms, alien invasions and a famously flamboyant musician are paying off for Time Warner.

The company, which owns HBO, CNN, TNT and Warner Bros., said on Wednesday that it posted an 87 percent jump in net income in the April-June quarter thanks to spending on quality original programming that helped to boost viewer interest, and revenue, at its television networks.

The results beat Wall Street’s predictions and the New York-based company raised its full-year guidance.

Time Warner Inc.’s stock rose $1.14, or 2 percent to $65.22 in afternoon trading after earlier hitting $66, its highest price in more than a decade.