These are clearly not the best of times at Time Warner as the company reported Q2 earnings this afternoon. The media giant reported that operating income fell 16 percent, while total revenue fell 4 percent.
At Time Inc., home to a new CEO in Laura Lang, revenue fell 9 percent – and unlike some publishers who can claim some circulation revenue increases, while facing ad declines, Time Inc. saw both categories fall.
Overall, revenue for the publishing side of Time Warner totalled $1.631 billion for the first half of the year, about a 6.5 percent decline. Total income is suffering due to the revenue declines, with operating income at $93 million versus $232 million a year ago.
Recently Time Inc. reversed itself and began to sell subscriptions for its magazines through Apple's in-app system. It will be interesting to see if for Q3 Time Warner touts any digital subscription numbers.
The only Time Warner segment that had a decent quarter was networks, which means Turner Broadcasting and HBO. But for the first half of the year total revenue for the compant is up slightly, though operating income is down slightly.