Time Warner reports 11.47 percent rise in revenue

Features Reuters

(Copyright Reuters 2017)

Time Warner Inc , which is in the process of being bought by AT&T Inc , reported an 11.47 rise in quarterly revenue, helped by the success of the "Harry Potter" spinoff "Fantastic Beasts and Where To Find Them."

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The company's net income from continuing operations fell to $317 million, or $40 per share, in the fourth quarter ended Dec. 31 from $857 million, or $1.06 per share, a year earlier.

Excluding some items, the company earned $1.25 per share.

Revenue rose to $7.89 billion from $7.08 billion.

AT&T's proposed acquisition of Time Warner for $85.4 billion was opposed by U.S. President Donald Trump during his election campaign.

However, AT&T said last month it was confident the would be approved.

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(Reporting by Rishika Sadam and Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)