By Meg James
Los Angeles Times
WWR Article Summary (tl;dr) “Wonder Woman,” which was directed by Patty Jenkins and starred Israeli actress Gal Gadot, packed quite a punch for Warner Bros., hauling in more than $800 million in ticket sales worldwide.
“Wonder Woman” proved its mettle once again, boosting media company Time Warner Inc.’s earnings with its better-than-expected box-office performance.
Time Warner’s second-quarter earnings, released early Wednesday, also benefited from increased subscriptions for the company’s premium television unit HBO, which recently began showing the seventh season of its acclaimed series “Game of Thrones.”
Time Warner is awaiting the U.S. Department of Justice’s approval of its $85 billion sale to telecommunications giant AT&T Inc., which the companies have said should come later this year.
Time Warner’s profit for the quarter that ended June 30 surpassed analyst expectations. The New York company earned $1.33 a share, up from $1.29 a share in the year-earlier quarter. Revenue climbed 5 percent to $7.3 billion.
Analysts had projected earnings of $1.19 a share on revenue of $7.3 billion, according to Thomson Reuters.
But Time Warner’s operating income sank 8 percent to $1.7 billion due to higher costs, including at Turner Broadcasting, which had to pay higher fees for the rights to broadcast sports, and at Warner Bros.
“Wonder Woman,” which was directed by Patty Jenkins and starred Israeli actress Gal Gadot, packed quite a punch for Warner Bros., hauling in more than $800 million in ticket sales worldwide.
Warner Bros.’ revenue increased 12 percent, or $330 million, to $3 billion, lifted by higher theatrical and video game revenue. The home video release of “The Lego Batman Movie” also helped the studio’s results, which were mixed.
Operating income fell 28 percent, or $85 million, to $223 million for the quarter due to higher film and advertising costs.